Shares of Nvidia Corp. keep on rallying Monday, enough to enter record territory for the first time in nearly two months, after the semiconductor and artificial-intelligence play announced expanded partnerships in the drug-discovery space.
The stock’s rally also comes ahead of the company’s unveiling of new chips at the CES consumer-technology conference in Las Vegas, which takes place Jan. 9-12.
The stock
NVDA,
charged up 5.4% in afternoon trading to surge past the previous record close of $504.09 on Nov. 20, according to Dow Jones Market Data. It was also headed for the biggest one-day gain since it shot up 8.5% on Aug. 21, 2023.
Read: Nvidia tops list of Wall Street’s 20 favorite stocks for 2024
Earlier Monday, at JPMorgan Chase & Co.’s healthcare conference in San Francisco, Nvidia announced expanded partnerships with Amgen Inc.
AMGN,
and Recursion Pharmaceuticals Inc.
RXRX,
and unveiled its own generative-artificial-intelligence platform for drug discovery.
At CES, Nvidia is expected to launch three new graphics-processing units: the RTX 4080 Super, the 4070 Ti Super and the 4070 Super, according to Wedbush analyst Dan Ives.
Also read: Samsung unveils world’s first transparent MicroLED display at CES
The stock had dipped 3.9% over the first two trading sessions of 2024, after rocketing 238.9% in 2023 to be the S&P 500’s
SPX
best performer for the year. Since that dip, the stock has run up 8.8% amid a three-day winning streak.
Nvidia’s record stock rally has boosted the company’s market capitalization to $1.28 trillion, making it one of only five U.S. companies with a 13-digit market capitalization.
Nvidia’s market cap at the end of 2022 was $360.7 million.
