Question
Nvidia Corp witnessed a significant surge in its market
value after its forecast highlighted the potential of AI spending. By how much did the company's market value increase?Solution
As per the information given below, the correct answer is option D. For Nvidia Corp, the boom in generative artificial intelligence (AI) is everything, everywhere, all at once. The chip designer's shares extended their rally this year on Thursday, soaring about 28% after a stellar outlook showed that Wall Street has yet to price in the AI potential of the company that has already doubled in value in 2023. Nvidia was on course to increase its market value by about $210 billion to nearly $970 billion. That would mark the largest one-day value gain for a U.S. company, a record currently held by Apple Inc after the iPhone maker's valuation rose by $190.90 billion on Nov. 10. Nvidia's rosy earnings also sparked a rally in the chip sector and AI-focused firms, lifting stock markets from Japan to Europe. In the U.S., companies including Alphabet Inc, Microsoft Corp and AMD rose between 2% and 9%. Analysts rushed to raise their price targets on Nvidia stock, with 27 lifting their view on the idea that all roads in AI lead to the company as it provides the chips used to power ChatGPT and many similar services.
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