Nvidia's Valuation Set To Leapfrog Past Amazon, Alphabet As AI Stalwart's Stock Closes In On $700 Mark: Is The Meteoric Climb Sustainable?
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) shares surged 4.79% on Monday, reaching a new high of $693.32, after Goldman Sachs raised its price target to $800. The company's market cap is close to surpassing those of Amazon, Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOGL), with Nvidia's stock up 40% this year, outperforming the iShares Semiconductor ETF (NASDAQ:SOXX), the S&P 500, and the Nasdaq 100. Nvidia's growth is driven by its leadership in AI, with upcoming Q4 results expected to further boost its valuation.
February 06, 2024 | 8:26 am
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NEUTRAL IMPACT
Amazon's market cap is slightly ahead of Nvidia's, but Nvidia's rapid growth could soon change the ranking.
Nvidia's growth could potentially surpass Amazon in market cap, but the outcome depends on Nvidia's continued performance and market conditions.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Alphabet's market cap is just ahead of Nvidia's, with Nvidia's stock performance putting it in a position to potentially overtake Alphabet.
Nvidia's potential to surpass Alphabet in market cap hinges on its upcoming Q4 results and continued market performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Nvidia's stock surged after Goldman Sachs raised its price target, with the company's market cap nearing surpassing Amazon and Alphabet.
The significant price target increase by Goldman Sachs and Nvidia's leadership in AI are key drivers for the stock's surge. Upcoming Q4 results could further boost its valuation.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Nvidia's performance has significantly outpaced the iShares Semiconductor ETF (SOXX), highlighting its strong growth in the sector.
Nvidia's exceptional year-to-date performance compared to SOXX underscores its leading position and growth potential in the semiconductor industry.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50