AI chip maker Nvidia’s shares jump to record high as winning streak matches longest ever
- Shares of the world’s most valuable chip maker have rallied more than 240 per cent this year, making it the best performer on both the Nasdaq 100 and S&P 500 indexes
- Nvidia said its updated chip, called the H200, will get the ability to use high-bandwidth memory, or HBM3e, allowing it to better cope with the large data sets needed for AI
Nvidia's shares rose 2.1 per cent on Tuesday to close at a record high and notch its 10th consecutive session of gains, matching the company's longest-ever streak of advances.
An update to its artificial intelligence (AI) processors helped lift shares of the Santa Clara, California-based company, which have climbed 22 per cent during its latest rally.
That added about US$219 billion in market value, according to data compiled by Bloomberg, as rivals scramble to come up with alternatives to challenge its AI dominance.
The stock of the world’s most valuable chip maker has rallied more than 240 per cent this year, making it the best performing component on both the Nasdaq 100 and S&P 500 indexes, as the AI-driven frenzy fuelled rallies. The latest surge comes as technology stocks rebound amid hopes that Federal Reserve interest rates have peaked.
Nvidia said its updated graphics processing unit (GPU), called the H200, will get the ability to use high-bandwidth memory, or HBM3e, allowing it to better cope with the large data sets needed for developing and implementing AI systems.