NVIDIA up $65 billion in one day - up $219 billion from the beginning of the year

The surge in interest in artificial intelligence has sharply increased NVIDIA's market value. The company has more than doubled in value since the beginning of 2022.

Here's What We Know

NVIDIA's stock rose 13 percent in trading on February 23, 2023. This led to a market capitalization increase of $65 billion to $582 billion. Analysts estimate that if the trend continues, the green giant will be up 60 percent more expensive by the end of 2023. In less than two months since the beginning of the year, capitalization has grown by $219 billion.

The increase was sparked by a surge in interest in AI-powered chatbots like the acclaimed ChatGPT. They require high-performance GPUs to operate. NVIDIA is the market leader in this segment.

The company plans to maximise the efficiency of its chips. To that end, NVIDIA announced its own cloud-based artificial intelligence service and teamed up with Oracle, Google and Microsoft.

Source: Bloomberg