Carl Court/Getty Images News
Nvidia (NASDAQ:NVDA) shares edged up 0.8% by noon trading on Thursday, putting the tech titan on track to reach a record high for the second consecutive session, as the semiconductor sector rallies.
The upward movement also further solidifies Nvidia’s title as holding the largest market capitalization in the world at $3.80T. Microsoft (MSFT) ranks second at $3.68T.
Nvidia closed at $154.31 on Wednesday, which surpassed its prior record of $149.43 set on Jan. 6, 2025.
Most semiconductor stocks were on the rise Thursday. The Philadelphia Semiconductor Index (SOX) was up 0.5%. Marvell Technology (NASDAQ:MRVL) had climbed 5%; Credo Technology (NASDAQ:CRDO) and Allegro MicroSystems (NASDAQ:ALGM) were up 2%; while Broadcom (NASDAQ:AVGO), Qualcomm (NASDAQ:QCOM), Analog Devices (NASDAQ:ADI) and Intel (NASDAQ:INTC) had all inched up 1%. Astera Labs (NASDAQ:ALAB), which provides a crucial component in data center connectivity, had surged 8%.
However, Micron Technology (NASDAQ:MU), which reported its third quarter financial results on Wednesday, had dipped 1.4%. The results and outlook had drawn positive reviews from most analysts. Micron shares have nearly doubled since dropping to $64.72 on April 4, 2025.
“Micron generated $9.3B in revenue in the third-quarter, showing 37% year-over-year growth, due chiefly to the ramp of the company’s new high-bandwidth memory products,” said Seeking Alpha analyst The Asian Investor. “Micron has laid out an ambitious CapEx program in order to support its HBM3E shipment ramp and investors can expect a considerable growth boost next year as the company’s HBM4 solutions, which are based on Micron’s 1-beta DRAM technology, become broadly available in the market.”