Great performance, Nvidia surged 8.6 more, Bank of Malaysia
As strong financial estimates suggest that related computational expenses are still strong, Nvidia's stock price surged more than 9% on Thursday, and its market capitalization surged by 220 billion US dollars (about RM1.04 trillion) in one day, equivalent to 8.6 $MAYBANK (1155.MY)$The market value of Bank of Malaysia.
As the leading Malaysian stock market, Bank of Malaysia's market capitalization is only RM120 billion.
Despite this, pre-market trading slipped slightly on Friday, fluctuating between $1,029 and $1,032.
On Wednesday, Nvidia gave a second-quarter revenue forecast of about 28 billion US dollars, exceeding analysts' estimates of 26.8 billion US dollars. Supported by growth in the data center sector, Nvidia's results for the first fiscal quarter ended April 28 also exceeded market expectations.
The biggest problem Nvidia faced before the earnings report was whether the latest data could prove that its dazzling stock price was reasonable. As of Wednesday, the stock surged 92% this year, as investors had high hopes that it would continue to break expectations.
Nvidia's performance did not disappoint. CEO Hwang In-hoon talked about the dawn of a new era, which further stimulated investors' excitement. “This is the beginning of a new industrial revolution,” he said in an interview. “It's just so exciting.”
The stock closed up 9.3% to $1037.99 on Thursday, expanding to 110% during the year. This increase far exceeds the overall market value of Intel, the chipmaker that once dwarfed Nvidia in every measure. Nvidia's $28 billion revenue forecast is also more than double Intel's forecast.
The Santa Clara, California-based company also announced a one-share split of 10 shares and increased its quarterly dividend by 150% to 10 cents per share. This wave of market has also boosted the stock prices of other artificial intelligence-related companies.
Nvidia's revenue in the first fiscal quarter more than tripled to $26 billion. Earnings per share, excluding certain items, were $6.12. Analysts had previously predicted revenue of around $24.7 billion and earnings per share of $5.65.
The richest people jumped three levels
After Nvidia announced its results, the stock price skyrocketed, and Hwang In-hoon's wealth also ushered in a “triple jump”; according to Bloomberg's Richest People List, he was originally the 20th richest person in the world, and jumped to 17th place overnight.
His net worth rose by 7.7 billion US dollars (about RM36.3 billion) in one day to reach 91.3 billion US dollars.
It is worth mentioning that half of Hwang In-hoon's net worth has accumulated during this year. In less than half a year, his net worth has risen by 47.3 billion US dollars.
Source: Nanyang Siang Pao
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