NVIDIA’S historic 2024 rally keeps piling on records.
The stock rose 0.4 per cent over the latest week, making for the chipmaker’s 10th straight positive week, the longest such winning streak in its history. Meanwhile, the Philadelphia Stock Exchange Semiconductor Index fell 4 per cent this week, its biggest one-week drop since January.
Nvidia gained about 80 per cent over the 10-week rally, and the streak is the latest example of how investors have continually bid up the company amid sky-high demand for chips used in artificial intelligence.
Nvidia is the top gainer among Nasdaq 100 Index components this year, just as it was in 2023. The rally has resulted in a market capitalisation of about US$2.2 trillion for Nvidia, making it the third-largest publicly traded stock, behind Microsoft and Apple.
The next major test for the stock will come on Monday (Mar 18), when chief executive officer Jensen Huang will speak at the company’s annual GTC conference. BLOOMBERG
