Wednesday’s earnings report from chipmaker Nvidia (.NVDA) is anticipated to serve as a critical assessment for one of the market’s leading names, especially amidst the fervor surrounding artificial intelligence (AI) technologies, which have propelled gains for U.S. stocks in recent months.
The soaring interest in the business potential of AI has driven Nvidia’s shares up by over 46% since the beginning of the year, contributing significantly to its remarkable $570 billion increase in market capitalization, surpassing even the market value of Intel (INTC.O) by more than triple.
Nvidia’s exceptional performance has played a pivotal role in driving the S&P 500’s overall gains, accounting for more than a quarter of the index’s increase this year. As the third most valuable company on Wall Street, trailing only behind Apple (AAPL.O) and Microsoft (MSFT.O), Nvidia’s trajectory also reflects its status as a bellwether for the artificial intelligence industry.
Source: Reuters