2023-08-22 01:23:36
Mubasher – Mahmoud Jamal: The market value of the American company, “Nvidia Corp”, increased by $ 90 billion in one day, amid raising its target prices and expectations of an increase in demand for its products, with the rise in the pace of demand for artificial intelligence, coinciding with the rise in the state of optimism regarding its expected business results.
By the end of trading on Monday, the beginning of the week’s trading, the market value of the company specialized in rapidly spreading artificial intelligence computing technology rose by 1% to $1.16 trillion, surpassing its historical levels, following it reached $1.07 trillion at the end of last Monday’s trading.
The American “NVIDIA” share price jumped by the end of yesterday’s trading by 8.47%, recording the highest daily gain in 3 months, to reach $469.67 per share.
The record rise of this stock yesterday supported its annual market gains from the beginning of the year until the end of yesterday’s trading, Monday, to reach $795.82 billion, following its market value was $364.18 billion at the end of 2022.
And with the rise of NVIDIA shares from the beginning of this year until the end of Monday’s trading by more than 221%, the wealth of the American billionaire, “Jensen Huang,” the company’s co-founder, increased on an annual level by regarding $ 28.1 billion, to reach $ 42 billion at the end of yesterday’s trading, according to Bloomberg Index data for the wealthy. Which brings together the total numbers of billionaires’ wealth through their ownership in the financial markets.
The record rise of the stock came with the recent issuance of expectations by research companies, including “XB Investments”, which suggested that NVIDIA will announce strong business results at the end of trading next Wednesday, amid high expectations of increasing demand for artificial intelligence in the coming years to unprecedented levels.
Supporting the rise of the most famous stock in the world of artificial intelligence at the end of Tuesday’s trading, the HSBC Bank analyst team confirmed their recommendation to stock investors from its clients to buy “Nvidia” stock, with an increase in its current target price from $600 to $780, which is a level that represents an increase of regarding 80%. It closed last Friday at $432.99 per share.
The positive performance of the stock, which is followed by many Wall Street traders, was supported by the issuance of a research note from Morgan Stanley issued earlier this month, in which it clarified its expectations that NVIDIA stock may witness gains estimated at 154% in 3 years.
The rise in “NVIDIA” shares yesterday, Monday, contributed to pushing the US Nasdaq index to achieve strong daily gains estimated at 1.56%, to reach the level of 13497.59 points.
It is noteworthy that the rise in the share of “NVIDIA” may continue in light of the increased demand and interest by major Arab and international countries in investing in artificial intelligence this year, which leads to higher sales of chips that provide the necessary computing power for it and thus increase the strength of the technology sector.
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