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A man wearing a mask walks past a Nvidia logo in Taipei, Taiwan.
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Nvidia is on track to hit a $1 trillion market cap Tuesday, after pre-market trading propelled shares to $409 and signaled Nvidia’s imminent entrance into a small club of mostly technology companies.
Nvidia’s shares must hold above $404.86 to maintain that distinction.
The chipmaker’s shares rocketed last week, after posting quarterly earnings with top- and bottom-line numbers that significantly beat consensus estimates. Nvidia’s gain buoyed other chipmakers, with the notable exception of Intel, and was also fueled in part by estimates that were more optimistic than expected.
Significantly, Nvidia forecasted $11 billion in sales for the second quarter of 2024 alone.
It’s been a banner year for chipmakers, parts of the tech industry and the Nasdaq, driven in part by the AI frenzy and the possibility of slowing Federal Reserve rate hikes. Alongside Nvidia, Alphabet, Meta and Microsoft were also buoyed in last week’s trading.
Trillion-dollar market cap club
| Symbol | Name | Market Value | YTD % | 2023 Est. Revenue (Billions) |
|---|---|---|---|---|
| AAPL | Apple Inc. | $2.759 Trillion | 35.0 | 384,748.7 |
| MSFT | Microsoft Corporation | $2.475 Trillion | 38.8 | 211,434.1 |
| GOOGL | Alphabet Inc. Class A | $1.587 Trillion | 41.2 | 299,810.2 |
| AMZN | Amazon.com, Inc. | $1.232 Trillion | 43.0 | 559,661.3 |
| NVDA | NVIDIA Corporation | $1 Trillion (* premarket) | 166.5 | 30,426.5 |
Source: FactSet
Nvidia’s expected market cap would place it alongside a handful of other companies, including Apple, Alphabet, Amazon, and Microsoft, that have a $1 trillion market cap.
–CNBC’s John Melloy and Gina Francolla contributed to this report.
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