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Nvidia flirts with $2 trillion valuation, but fails to finish there

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Nvidia Corp. just fell short of finishing as one of only three U.S. companies to fetch a closing market value above $2 trillion.

The chip maker’s stock
NVDA,
+0.36%

rose as much as 4.9% in Friday’s session, which would have implied a market capitalization of $2.06 trillion. But shares pulled back as the session wore on and finished at $788.17, up only 0.4%. That translated to a closing valuation of $1.98 trillion.

Any finish above $800 would have given Nvidia a $2 trillion closing market capitalization. 

The company first finished with a $1 trillion market value on June 13. Though it didn’t close in $2 trillion territory Friday, it would be the quickest to ascend between those two milestones if it achieved the feat at any point over the next 11-plus months. 

Friday marked the 175th trading day since Nvidia reached the $1 trillion mark, according to Dow Jones Market Data. For context, it took Apple Inc.
AAPL,
-1.00%

516 trading days and Microsoft Corp.
MSFT,
-0.32%

543 trading days to hit $2 trillion from $1 trillion.

See also: After Nvidia’s latest blowout, here are 20 AI stocks expected to rise as much as 44%

Nvidia shares are up 233% over the past year as the company has seen frenzied interest in its graphics-processing units, which have proven essential to companies building out artificial-intelligence applications. 

The company’s latest earnings report suggested that robust demand for GPUs was poised to continue, and powered Nvidia to a $277 billion gain in market cap during Thursday’s session. That was the biggest one-day valuation haul for any U.S. company ever. 

Stock Market Today: Dow, S&P 500 clinch record close despite pause in tech rally

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