Shares of chipmaker Nvidia (NVDA) closed at a record high on Jan. 8 after the company announced new microchips that will power artificial intelligence (A.I.) on personal computers (PCs).
Nvidia's stock climbed 6.4% to finish trading at $522.53 U.S., its highest close ever on a split adjusted basis.
The rally was sparked by news that the company is launching a new GeForce RTX 40 SUPER Series of graphics processors aimed primarily at video games played on laptop and desktop computers.
Nvidia also announced the delivery of a new A.I. microchip exclusively for the Chinese market that complies with U.S. export controls. The company gets a quarter of its revenue from China.
The new microchips were announced ahead of the Consumer Electronics Show (CES) in Las Vegas, Nevada.
Nvidia's stock more than tripled in 2023 and the company’s market value now stands at nearly $1.3 trillion U.S.
Investors exchanged over $32 billion U.S. worth of Nvidia's shares on Jan. 8, making it the most traded stock on Wall Street.
In recent months, Nvidia’s stock had been range bound, trading between $475 U.S. and $500 U.S. per share.
The share price had been unable to break above the resistance it encountered at $500 U.S. until now. In the past 12 months, Nvidia’s stock has gained 235%.
