Nvidia's stock breaks new ground after healthcare partnerships and ahead of CES

By Tomi Kilgore

Chip giant's stock leaps into record territory for the first time in nearly two months

This replaces an earlier story that incorrectly reported Nvidia's market cap at the end of 2022. It has been corrected.

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 billion.

-Tomi Kilgore

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01-08-24 1511ET

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