Nvidia stock hit a record high on Monday, closing at $138.07, as Wall Street looks forward to earnings updates on AI infrastructure investments from Microsoft, Meta, Google and Amazon.
The stock’s rise has been staggering, soaring nearly 180% this year after a rapid rise last year. This also reflects Nvidia’s prominent presence in the AI chip market, which is controlled by the company between 70% and 95%, according to Mizuho Securities estimates. In fact, with a market capitalization of $3.4 trillion, Nvidia is currently the second most valuable US company after Apple.
At the center of it all is Nvidia CEO Jensen Huang, who is currently worth an estimated $121.5 billion, according to Forbes. It looks like the ride quality will continue to improve. Huang said earlier this month that in addition to continued demand for its current chips, NVIDIA is also seeing “extraordinary” demand for its next-generation Blackwell chips, scheduled for release in the fourth quarter. Morgan Stanley, which hosted a recent meeting with Mr. Huang and other Nvidia executives, said it has already sold out of chips for the next 12 months.
