Nvidia is the second most valuable company in the world with a market capitalization of over $3 trillion. At Monday's close, shares of the AI chip maker hit an unprecedented high of $138.07 before falling to $131.32 at the time of writing.
Nvidia's performance is tied to strong demand for its AI chips. Nvidia CEO Jensen Huang recently stated that demand for Nvidia's Blackwell AI chip is “insane” and “everyone wants the best.” Nvidia expects to ship enough of the new chip to make several billion dollars.
Nvidia was on the verge of displacing Apple as the world's most valuable company on Monday. Last week, Nvidia shares rose $400 billion in five days, more than Costco's entire market cap.
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Huang also said last month that demand was his biggest concern, or what kept him up at night.
“We have a lot of people on our shoulders and everyone is counting on us,” he said, adding that access to Nvidia’s technology was a “really emotional” point for the company’s customers.
Nvidia counts the biggest tech players among its customers: Amazon, Meta, Microsoft and Google contribute to more than 40% of sales. Nvidia's earnings beat analysts' expectations last quarter. Revenue grew 122% year-over-year, the fourth consecutive quarter of over 100% growth.
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