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.
See Also: How To Buy Nvidia (NVDA) Stock
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