AI boom puts Nvidia on track for biggest rally ever, with market cap up $230 billion in one day

Nvidia’s stock skyrocketed on Thursday, and it is on track to set the biggest single-day increase in market value in history, pulling the overall stock market to new highs.

The value of Nvidia, a U.S. computer and software company, increased by nearly 15% in one day of trading alone, a day after it released an earnings report that showed profits soaring as artificial intelligence applications drive up demand for its cutting-edge chips. The rally has added more than $230 billion to the firm’s market capitalization. That would eclipse the previous $197 billion record set by Meta, the company that owns Facebook and Instagram.

Thursday’s growth added to the red-hot stock, which has grown 30% in the past month alone and a whopping 273% over the past year.

The rally led the broader stock market higher, with the S&P 500
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