The chipmaker’s stock increased 0.4% this past week, marking the greatest winning streak in its history and its tenth consecutive positive week. In the meantime, this week saw the largest one-week decline since January in the Philadelphia Stock Exchange Semiconductor Index, which dropped 4%.
During the course of the 10-week surge, Nvidia saw gains of about 80%. This is only the most recent instance of investors’ persistent bidding for the firm given the astronomically huge demand for processors used in artificial intelligence.
Similar to 2023, Nvidia is the component of the Nasdaq 100 Index that has increased in value the most this year. Following Apple Inc. and Microsoft Corp. as the largest publicly traded companies, Nvidia is now the third largest with a market valuation of over $2.2 trillion as a result of the recent increase.
The company’s annual GTC conference, where Chief Executive Officer Jensen Huang will be speaking on Monday, will be the next significant test for the stock.
