Grapevine

Nvidia sets record for biggest daily gain in value in stock market history

Nvidia has recorded the biggest daily jump in market value in the history of Wall Street.

The California-based chip maker on Wednesday added $330bn to its market capitalisation – blasting past the previous record it set in February with a $277bn single-day gain.

Shares of Nvidia soared nearly 13 percent, buoyed by expectations that demand for its chips will remain strong after Microsoft on Tuesday announced that AI-related capital spending in the 2024 fiscal year rose 60 percent to $69bn.

Nvidia’s latest stock rally takes its market cap to $2.88 trillion, making it the world’s third-most valuable company after Apple and Microsoft.

Nvidia, whose graphics processing units (GPUs) are integral to the development of AI, briefly became the world’s most valuable company in June after knocking Microsoft off the top spot with a market cap of $3.335 trillion.