Topline
Shares of Nvidia increased by more than 3% Monday morning, putting the chip maker’s stock on pace for a record close as it nears an intraday high as the company is once again on the cusp of becoming the world’s most-valuable company ahead of Apple.
The chip maker’s chief executive recently claimed demand for the company’s new chip is “insane.”
Key Facts
Nvidia’s shares have increased to over $139 as of around 10:50 a.m., pacing the company ahead of its record close of $135.58 set on June 17 and just behind its intraday high of $140.76 on June 19.
The company’s market valuation is now just over $3.4 trillion, as Nvidia trails Apple ($3.5 trillion) as the world’s most valuable firm.
Nvidia’s stock is now up 19% so far in October, after CEO Jensen Huang touted consumer demand for the company’s new Blackwell chip, saying the number of requests for the new AI chip is “insane.”
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Forbes Valuation
Huang’s fortune swelled by $3.8 billion Tuesday, ranking him as the 11th-wealthiest person in the world with a net worth of $121.5 billion, according to our latest estimates. Nvidia’s chief executive—who holds about 861 million shares—has never ranked among the world’s 10 richest people and trails former Microsoft CEO Steve Ballmer ($123.7 billion). Huang, who has served as Nvidia’s CEO and president since co-founding the company in 1993, has seen his net worth increase by about $102 billion since 2019, when he ranked as the 546th-richest.
Key Background
A selloff of Nvidia’s shares in recent months has been erased, after the company surpassed Microsoft and Apple to become the world’s most valuable company in June. The decline came amid a delay for the company’s Blackwell chip, which was reportedly caused by engineering issues, though Morgan Stanley analysts said last week orders for the chip are now “booked out” for next year. Last month, Huang boasted about demand for Nvidia’s products being “so great” while suggesting customers were “tense” to acquire them. Analysts expected Nvidia to report $125 billion in sales and $67 billion in net profits for its fiscal year ending in January, according to FactSet.
