Shares of Nvidia Corp. (NVDA) are continuing to rally, reaching record territory for the first time in nearly two months. This surge comes after the semiconductor and artificial-intelligence company announced expanded partnerships in the drug-discovery space.
Stock Rally and CES Unveiling
In afternoon trading, the stock NVDA surged 5.4%, surpassing the previous record close of $504.09 on Nov. 20. This marks the largest daily gain since August 21, 2023. Additionally, Nvidia is set to unveil new chips at the CES consumer-technology conference in Las Vegas, taking place from Jan. 9-12.
Expanded Partnerships and AI Platform
At JPMorgan Chase & Co.’s healthcare conference, Nvidia announced that it had expanded partnerships with Amgen Inc. (AMGN) and Recursion Pharmaceuticals Inc. (RXRX). Along with this, the company revealed its own generative artificial-intelligence platform for drug discovery.
Anticipated Graphics-Processing Units
During CES, Nvidia is expected to launch three new graphics-processing units: the RTX 4080 Super, the 4070 Ti Super, and the 4070 Super. This information was shared by Wedbush analyst Dan Ives.
Remarkable Performance and Market Capitalization
Despite dipping 3.9% in the first two trading sessions of 2024, Nvidia’s stock has recently experienced a significant surge. In 2023, it skyrocketed 238.9%, making it the S&P 500’s best performer for the year. This remarkable rally has boosted Nvidia’s market capitalization to $1.28 trillion, placing it among the few U.S. companies with a 13-digit market capitalization. As a point of comparison, Nvidia’s market cap at the end of 2022 was $360.7 million.