Nvidia’s stock price has jumped 92% this year as of Wednesday, increasing the company’s market value by more than $1 trillion. Those numbers are headed higher again Thursday after the company reported better-than-expected quarterly results.
The chipmaker has seen soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications. The company's revenue more than tripled in the latest quarter from the same period a year earlier.
It's the latest sign that the excitement surrounding artificial intelligence likely won’t subside anytime soon. Nvidia, which has positioned itself as one of the most prominent players in AI, has been producing some eye-popping numbers. Here’s a look:
The amount Nvidia Corp.’s market value has increased so far this year as of May 22, according to FactSet. In other words, Nvidia's year-to-date gain is almost equal to the market value of Facebook and Instagram parent Meta Platforms. In all, just six of the 500 companies in the S&P 500 have market caps above $1.152 billion, including Nvidia.
Nvidia’s total market value as of the close of trading Wednesday. Earlier this year, it passed Amazon and Alphabet to become the third most valuable public company, behind Microsoft ($3.2 trillion) and Apple ($2.927 trillion). The company was valued at around $418 billion two years ago.
Nvidia's price at the opening of trading Thursday, making it just the ninth company in the S&P 500 with a share price over $1,000 (which sounds more notable than it is.) That will soon change however. On Wednesday, Nvidia announced that it plans a 10-for-1 stock split, meaning there will be 10 times more shares outstanding, but the price of each will be closer to $100 each. The company said the split, effective after markets close on June 7, will make its shares more accessible to employees and investors.
Revenue for Nvidia's most recent fiscal quarter. That's more than triple the $7.2 billion it reported in the same period a year ago. Wall Street expects Nvidia to bring in revenue of $117 billion in fiscal 2025, which would be close to double its revenue in 2024 and more than four times its receipts the year before that.
Nvidia’s estimated net margin, or the percentage of revenue that gets turned in profit. Looked at another way, about 53 cents of every $1 in revenue Nvidia took in last year went to its bottom line. By comparison, Apple’s net margin was 26.3% in its most recent quarter and Microsoft’s was 36.4%. Both those companies have significantly higher revenue than Nvidia, however.
FILE - CEO Jensen Huang walks on stage before the keynote address of Nvidia GTC in San Jose, Calif., Monday, March 18, 2024. Nvidia’s stock price has jumped 92% this year as of Wednesday, May 22, increasing the company’s market value by more than $1 trillion. Those numbers are headed higher again Thursday after the company reported better-than-expected quarterly results. (AP Photo/Eric Risberg)
BAKU, Azerbaijan (AP) — When more than two dozen world leaders deliver remarks at the United Nations' annual climate conference on Wednesday, many are likely to detail their nations' firsthand experience with the catastrophic weather that has come with climate change.
That could include Pakistan Prime Minister Shehbaz Sharif, whose nation has seen deadly flooding this year from monsoon rains that scientists say have become heavier with climate change. Just two years ago, more than 1,700 people died in widespread flooding. Pakistan has also suffered from dangerous heat, with thousands of people hospitalized with heatstroke this spring as temperatures soared to 47 degrees Celsius (117 Fahrenheit).
Also on the list of speakers Wednesday is Bahamas Prime Minister Philip Edward Davis. Like many other countries in the Global South, the Bahamas has piled up debt from warming-connected weather disasters it did little to cause, including Hurricanes Dorian in 2019 and Matthew in 2016. Leaders have been seeking help and money from the Global North and oil companies.
Greece's prime minister Kyriakos Mitsotakis is also on the list. Along with the rest of southern Europe, his nation this summer was hammered by successive heat waves after three years of below-average rainfall. In Greece, the misery included water shortages, dried-up lakes and the death of wild horses.
Leaders from Italy, Tuvalu, Russia, Morocco, Congo, and the secretary of state of the Holy See — the government of the Catholic Church — are among others scheduled to speak.
Early on Wednesday, ministers and officials from African nations called for initiatives to advance green development on the continent and strengthen resilience to extreme weather events — from floods to droughts — across the region.
Plenty of big names and powerful countries are noticeably absent from COP29 this year. That includes the 13 largest carbon dioxide-polluting countries — a group responsible for more than than 70% of the heat-trapping gases emitted last year — were missing. The world’s biggest polluters and strongest economies — China and the United States — didn't send their No. 1s. Neither did India and Indonesia.
But U.K. Prime Minister Keir Starmer was there, and he announced an 81% emissions reduction target on 1990 levels by 2035, in line with the Paris Agreement goal to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial times. That’s up from the 78% the U.K. had already pledged.
The main focus of this year’s talks is climate finance — wealthier nations compensating poor countries for damages from climate change’s weather extremes, helping them pay to transition their economies away from fossil fuels and helping them with adaptation.
Associated Press writers Dorany Pineda in Los Angeles and Jill Lawless in London contributed.
The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
People arrive for the COP29 U.N. Climate Summit, Wednesday, Nov. 13, 2024, in Baku, Azerbaijan. (AP Photo/Peter Dejong)
