Nvidia shares were on the upswing once again on Monday amidst the ongoing global chip rally. Taiwan Semiconductor Manufacturing also hit a record high, fueling the momentum even further.
Upward Movement
Nvidia shares saw a 1.7% increase, reaching $836.95 in premarket trading early on Monday. The stock closed at $822.79, marking a 4% increase on Friday. As a result, the company’s valuation rose to $2.06 trillion.
Strong Performers
- TSMC, a key supplier to Nvidia, saw a 5.2% increase in Taiwan trading, reaching a record high.
- Samsung Electronics and SK Hynix also experienced positive growth in Korean trading, with increases of over 2% and 6.6% respectively.
Ripple Effects
The positive trend in Asian trading boded well for U.S. chip makers at the start of the week, with Intel rising by 1.1%, Micron Technology by 2.1%, and Qualcomm by 0.8%. Advanced Micro Devices also saw a 0.5% increase following a significant surge of over 5% on Friday.
Strong Demand
Earnings from Dell Technologies highlighted robust demand for Nvidia’s chips, particularly for its artificial-intelligence servers powered by Nvidia and AMD chips. While AMD outperformed Nvidia on Friday with a rise of 5.3%, Dell skyrocketed by 32%.
Year-to-Date Performance
Since the beginning of the year, Nvidia’s shares have surged by 66% up to Friday’s close. In comparison, the S&P 500 saw an increase of 7.7% and the Nasdaq Composite gained 8.4% during the same period.
