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Nvidia Hits New Market Cap Milestone
Nvidia (NASDAQ: NVDA) has become the first company to surpass a $5 trillion market cap, achieving this milestone just months after crossing the $4 trillion mark in July. The company’s stock has risen 55% this year, outperforming market averages as it continues to secure significant deals and partnerships.
Key Partnerships and Growth Projections
This week, Nvidia announced a partnership with Uber to equip a fleet of autonomous vehicles using its AI technologies, aiming for a scale of 100,000 cars by 2027. Additionally, a collaboration with Palantir Technologies will focus on enhancing AI operational processes. In its fiscal Q2 2026, Nvidia reported a 56% year-over-year sales increase, projecting revenues of $54 billion for the next quarter, despite ongoing challenges with export restrictions to China.
Upcoming Earnings Report
Nvidia is set to release its earnings report on November 19, 2023. As of now, it faces high expectations with a price-to-earnings (P/E) ratio of 59. The company continues to innovate in the AI space with new product launches, including the Omniverse DSX, designed for large-scale AI factories.
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