Nvidia's monthly market value surges to record high in January

Nvidia's registers an extraordinary upturn of $296.52 billion to about $1.52 trillion in January

Daisy Watts - Feb 02, 2024

The NVIDIA booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. — Reuters

NVIDIA Corp noted an all-time rise in its market value in January, securing the largest monthly increase ever.

The unprecedented growth is driven by mounting optimism around artificial intelligence (AI), positive estimations by analysts, and the company's announcement to broaden its AI-backed service offerings.

The world's leading chipmaker registered an extraordinary upturn of $296.52 billion to about $1.52 trillion, surpassing its previous high of $248.23 billion in profits it gained in May last year.

In the previous month, Nvidia's stock reached record levels after unveiling new desktop graphics processors and making advancements in AI-related components and software. At the same time,

Microsoft, the world's most valuable company, experienced a significant increase in market value, gaining $159.36 billion, largely due to the growing demand for its Azure cloud service.

Despite reporting higher than expected quarterly profit and revenue on Tuesday, the tech giant faced investor caution regarding its rising costs, which are anticipated to "increase materially" on a sequential basis. Microsoft's market value as of Wednesday was $2.95 trillion, surpassing Apple Inc's market capitalisation of $2.85 trillion.

Additionally, Meta Platforms witnessed a rise in market value last month, surpassing the $1 trillion mark for the first time since September 2021. After Meta's stock surged over 14pc to a record high of $451 on Thursday, its market capitalisation increased by $148 billion to $1.16 trillion following a 25pc revenue jump to $40.1 billion for the December quarter and the announcement of its inaugural dividend.

On the contrary, Tesla emerged as the weakest performer among the top 20 global companies by market cap, experiencing a decrease of about 24.5pc in value over the past month due to concerns about slowing growth. CEO Elon Musk warned that sales growth would be "significantly lower" this year despite recent price reductions.