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Nvidia (NASDAQ:NVDA) is just one modest up day away from adding $1T to its market capitalization in a little over two months.
Based on 2.4612B shares outstanding, NVDA would have added $1T to its value in 2024 for a market cap of $2.2188T and change if it closes above $901.53.
That averages to about $21.7B added to market cap each trading day this year.
The stock is currently around $901 in premarket trading.
The AI chip juggernaut’s market cap was briefly above the level in Wednesday’s session. The stock is up more than 79% year to date after it came through with results and guidance in what some on Wall Street called the most important earnings report in years.
In its latest client survey out this week, J.P. Morgan said 79% of clients see Nvidia as overvalued, “though only 28% believe it’s in a bubble.”
The current PE for 2025 is around 36x. (See how SA’s Quant Rating grades the stock on all measures.)
Wells Fargo’s equity team advised sticking with the current momentum trade and named NVDA stock in its list of Buy-rated stocks with high momentum.
