Nvidia surpasses $2 trillion market cap during Friday trading
Feb. 23 (UPI) -- Tech firm Nvidia surpassed a $2 trillion market cap for a short period during trading on Friday.
The California-based software and semiconductor company's shares climbed by as much as 4.9% during early Friday trading but had fallen slightly by mid-day.
Nvidia shares were up $13.60 or 1.73% to $798.98 as of 11:57 a.m. EST Friday.
The company was sitting with a $1.96 billion market cap at the close of trading Thursday, which saw its shares climb 16% over the course of the trading day.
The news comes after Nvidia exceeded market expectations, with a 3.7-fold sales increase and $12.3 billion in net profits, an 8.7-fold increase.
Nvidia said in a Wednesday statement that its strong stock performance was powered by a 265% increase in revenue as demand surged worldwide.
The company is attempting to meet the increasing demand for artificial intelligence across the United States.
"Fundamentally, the conditions are excellent for continued growth," Nvidia founder and CEO Jensen Huang told its investors Wednesday during a conference call.
Nvidia is projecting $24.0 billion in sales during the quarter, compared to $22.17 billion forecasted by analysts.
"A new computing era has begun," Huang announced last August, causing shares to soar 5% in pre-market trading.
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI."
