NVIDIA Becomes Only the Second Stock Ever to Record a One-Day Increase in Market Capitalization of Over $200 Billion

NVIDIA's President Jensen Huang has declared that the "age of AI is in full throttle." Indeed, when looking at the company's scorching-hot stock price gains, it seems that investors have fully embraced NVIDIA as the poster child of the ongoing AI revolution.

For those who might be unaware, NVIDIA disclosed earnings for the first quarter of its fiscal year 2024 yesterday. The company reported quarterly revenue of $7.19 billion, beating consensus expectations by 13 percent. Similarly, NVIDIA reported an upbeat adjusted EPS of $1.09, exceeding the consensus estimate of $0.92.

However, the true shocker for investors was NVIDIA's blowout guidance, with the company expecting to record an adjusted gross margin of between 69.5 percent and 70.5 percent in its fiscal Q2 2024. For reference, analysts had expected this metric to hover around 66.9 percent. The company also expects to record Q2 2024 revenue of $11 billion (plus or minus 2 percent). This blowout guidance was a whopping 55 percent above the prevailing consensus estimate of $7.1 billion.

NVIDIA shares closed yesterday at $305.38, corresponding to a market capitalization of $755.24 billion. At the time of writing, the stock is trading $396.03. This translates into a market cap of $979.43 billion. This means that within the span of just a few hours, NVIDIA has increased its market cap by a whopping $224.19 billion. This is an all-time record in the market's history, beaten only by the $597 billion increase in market cap that PetroChina had recorded on the 05^th of November 2007.

Moreover, the stock price upgrades keep flowing in.

Goldman Sachs has declared that NVIDIA's Q1 2024 results were "the best TMT earnings print we've seen since that June qtr [sic] 2020 print from Zoom (ZM), when they beat revs by ~62%."

What's more, JP Morgan has now doubled its target for NVIDIA shares to $500!

The above tweet captures the market's sentiment around NVIDIA shares today.

About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.

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