Nvidia Hits Record High, Value Crosses $5.7 Trillion
Nvidia shares hit a record intraday high of $237.55 on October 2, pushing the company’s market value above $5.7 trillion. It was the stock’s first record since May.
Morgan Stanley reinstated Nvidia as its Top Pick in semiconductors after meetings with CEO Jensen Huang and CFO Colette Kress. The firm kept an Overweight rating and a $300 price target.
Nvidia recently added $150 billion to its buyback authorisation, taking the total repurchase programme to $235 billion through fiscal 2028. That is being reported as the largest single buyback authorisation in US corporate history.
Funding news also helped. Nvidia and SoftBank have each completed their final $10 billion tranche of investment in OpenAI’s latest round, fulfilling $30 billion commitments each.
A softer rate outlook added fuel. The weak September US jobs report cooled bets on another Federal Reserve hike, lifting growth stocks. Nvidia is up about 24 per cent so far this year.
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