Nvidia touches record high, reclaims most valuable company title

Nvidia (NASDAQ:NVDA) stock price touched a record high of $154.97 on Wednesday, closing at $154.31 and bagging a gain of ~4.33% during the session.

CEO Jensen Huang’s comments on growth areas for the company at its annual meeting boosted investor confidence.

“We have many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity,” Huang commented.

“We’re working towards a day where there will be billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robotic factories that can be powered by Nvidia technology.”

This rally propelled the chipmaker’s market cap to ~$3.76 trillion, making it the world’s most valuable company—overtaking Microsoft (MSFT), with a market cap close to $3.66 trillion.

Nvidia (NASDAQ:NVDA), Microsoft (MSFT) and Apple (AAPL) have several times exchanged places as the world’s most valuable company over the past year, with Microsoft (MSFT) recently leading after overtaking Nvidia (NASDAQ:NVDA) in early June.

Fueling the tech leader’s rally, Loop Capital analyst Ananda Baruah raised the price target to $250 from $175, citing that hyperscale and AI factor spending could reach $2T by 2028. Baruah believes Nvidia could hit a $6T market cap on the view that the company essentially has a monopoly in “critical tech” and has strong pricing power.

Huang-led semiconductor giant showed a 69% Y/Y revenue surge in its latest earnings report, fueled by a 73% rise in its data center segment.

So far in June, Nvidia (NASDAQ:NVDA) has seen a jump in price of 12.3% compared to marginal broader market gains of 2.6%. Last month, the chipmaker jumped ~21%.