Nvidia shares hit a record high on Monday, closing at $138.07, as Wall Street anticipates earnings updates from Microsoft, Meta, Google and Amazon on their spending on AI infrastructure.
The stock's rise has been surprising: it's up almost 180% this year, after a rapid rise last year; It is also a reflection of Nvidia's recognized strength in the AI chip market, of which between 70% and 95% is controlled by the company, according to estimates by Mizuho Securities. In fact, with a market capitalization of $3.4 trillion, Nvidia is now the second most valuable American company, behind only Apple.
At the center of it all is Nvidia CEO Jensen Huang, who is now worth an estimated $121.5 billion according to Forbes. The journey also seems to continue. In addition to continued demand for its current chips, Huang said earlier this month that Nvidia is seeing “crazy” demand for its next-generation Blackwell chips, which are scheduled to launch in the fourth quarter. According to Morgan Stanley, which recently hosted meetings with Huang and other Nvidia executives, the chips are already out of stock for the next 12 months.
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