Nvidia Stock Set For 6th Straight Day Of Gains: Will AI Chipmaker Leapfrog Amazon's Market Cap Before Quarterly Earnings?

AI-focused chipmaker Nvidia Corp. NVDA, the driving force behind the recent surge in the Nasdaq, looks set to extend its five-session winning streak, going by premarket gains on Thursday. 

Following a remarkable 239% gain in 2023, the Santa Clara-based chipmaker has already added another 9.58% in the new year. 

With a current market cap of $1.342 trillion, Nvidia has secured the sixth spot among the world’s most-valued corporations, closing in on Amazon, Inc. AMZN, which holds a market cap of $1.589 trillion.

To surpass Amazon’s market cap, Nvidia’s shares need to reach $644, merely $100 away from their current level. 

Nvidia is poised to release its quarterly results on Feb. 21, and anticipation of a robust earnings report could fuel further momentum for the stock. Both Nvidia and analysts are projecting year-over-year revenue growth of approximately 230% for the December quarter.

The stock’s premarket surge aligns with the positive sentiment in the futures market, driven by expectations of a favorable December inflation report. 

In premarket trading, Nvidia gained 1.07% to $549.29, according to Benzinga Pro data.

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