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Despite a massively positive momentum it experienced this year, which has culminated with a new all-time high (ATH) price of $135.58 in June, Nvidia (NASDAQ: NVDA) has been behaving unusually in recent days, with significant price swings reminiscent of a penny stock. Specifically, since its after-hours low on July 30, Nvidia has added $380 billion in its market capitalization in just 18 hours, shortly after erasing $1 trillion over the past five weeks, as per the observations by global capital markets commentary platform The Kobeissi Letter in an X post on July 31. Nvidia stock price and market cap analysis. Source: The Kobeissi Letter Indeed, as the chart posted by The Kobeissi Letter demonstrates, Nvidia has added as much as the entire value of Costco (NASDAQ: COST) to its market cap in mere 18 hours, and the platform’s team has also noted that “big tech stocks are throwing around trillions of Dollars of market cap in a matter of hours.” As a reminder, despite its stellar rise this year thanks to the artificial intelligence (AI) craze, the semiconductor behemoth has wiped $1 trillion from its market cap since its peak above $3.3 trillion it recorded in the second half of June to the press time levels, as Finbold reported on July 31.  Nvidia stock market cap analysis At press time, the market cap of Nvidia stood at $2.878 trillion, making it the world’s third most valuable company by this indicator, according to the data by CompaniesMarketCap, the platform tracking the value of the largest companies and top assets worldwide, retrieved on August 1. Nvidia stock market cap since 1999. Source: CompaniesMarketCap Meanwhile, the most recent changes in Nvidia’s market cap arrive as the company’s CEO Jensen Huang has announced a score of services and tools to help the world’s leading…

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Filed under: News - @ August 1, 2024 10:20 am