Nvidia Hits Record High Again, Reclaims $5 Trillion Market Cap

[Financial News]  
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Nvidia, the leading artificial intelligence (AI) stock, set a new all-time high on the 24th, local time.
Backed by Intel's surprise earnings, Nvidia closed at $208.27, up $8.63, or 4.32%, from the previous session. That topped its prior closing record of $207.04, set on Oct. 29 last year.
According to CNBC, its market capitalization at the close reached $5.061 trillion. Nvidia has reclaimed the $5 trillion market cap level in about six months.
Nvidia has dominated the graphics processing unit (GPU) market, which is central to AI, and its stock has surged more than 14-fold since 2022.
Not only AI startups such as OpenAI and Anthropic, but also AI models from Big Tech companies including Google, Microsoft (MS), Meta Platforms Inc., and Amazon rely on Nvidia GPUs.
The rally was triggered by Intel.
In its quarterly earnings released after the previous day's close, Intel showed that demand for AI chips remains strong. Intel stock soared to $82.54, jumping $15.76, or 23.60%, after adjusted earnings per share (EPS) of $0.29 far exceeded the market estimate of $0.02. It marked the company's biggest daily gain in 39 years, since 1987.
With the revival of the CPU, or central processing unit, confirmed by Intel's earnings report, Nvidia is drawing attention as its own CPU business is expected to grow into a multibillion-dollar segment.
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dympna@fnnews.com Song Kyung-jae Reporter