Nvidia (NASDAQ:NVDA) stock is on the move Thursday as the tech company’s shares close in on becoming the number five stock on the market.
Nvidia’s market capitalization continues to rise, with the company just $10 billion away from surpassing investment company Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B). Doing so would make it the fifth-largest company by market cap on the public market.
While it might seem like $10 billion is a long way to go, the company’s market cap is sitting at around $682 billion. Investors will also note that NVDA stock has already gained around 90% year-to-date (YTD) as of this writing. That means adding another $10 billion to its market cap may not be as far away as one might think.
What’s Behind NVDA Stock’s Recent Growth?
The positive movement from NVDA stock can mostly be tied back to one thing: artificial intelligence (AI). The company has benefited greatly from the recent rally of AI stocks, with traders seeing Nvidia as a major player in the space.
For example, Nvidia has been holding its annual GTC conference this week with a major focus on AI developments. If the AI boom can continue, then it seems safe to say that NVDA stock will keep rising in value.
NVDA stock is up 3.7% as of Thursday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! A few examples of that include what has shares of Mullen Automotive (NASDAQ:MULN) stock moving today, why stocks are up on Thursday and the latest NVDA price predictions. All of that news is ready to go at the links below!
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- NVDA Stock Price Predictions: Will Nvidia Win the AI Arms Race?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.