Nvidia (NVDA) experienced a significant increase in its stock price, rising by 24.37% and reaching a fresh record high. The surge in shares put Nvidia on track to achieve a market value of nearly $1 trillion. The stock saw a one-day percent increase of 26.4%, the largest since 2016.
If Nvidia’s gains hold through Thursday trading, it could surpass Amazon for the largest one-day gain in market capitalization of any U.S. company. To achieve this, Nvidia’s stock would need to close at $382.82 or higher. Furthermore, to secure a market valuation of $1 trillion, the stock price would need to reach $404.86.
Nvidia’s optimistic outlook was fueled by its forecast for the current quarter, with sales expected to be around $11 billion, reflecting a 64% increase compared to the previous year. This surpassed Wall Street analysts’ expectations of $7.2 billion. Nvidia’s CEO, Jensen Huang, attributed the increased demand for computing power to the rise of language-generating tools like OpenAI’s ChatGPT and other AI applications.
The five ETFs that currently offer the highest exposure to NVDA are:
1. USD – ProShares Ultra Semiconductors (Leveraged Equity: U.S. Semiconductors): 22.78%
2. SMH – VanEck Semiconductor ETF (Equity: Global Semiconductors): 15.15%
3. WUGI – AXS Esoterica NextG Economy ETF (Equity: Global 5G): 14.24%
4. TRFK – Pacer Data and Digital Revolution ETF (Equity: Global Digital Economy): 13.24%
5. VCAR – Simplify Volt RoboCar Disruption and Tech ETF (Equity: Global Mobility): 10.94%