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Nvidia’s market cap climbs amid tech turbulence in August

September 1, 2023

Nvidia (NASDAQ:NVDA) Corp’s market capitalization climbed higher in August thanks to its strong profit forecasts, which defied the broader downtrend in mega-cap technology stocks during the past month as an uptick in U.S. bond yields rattled the sector.

Nvidia’s shares surged last month, boosted by its quarterly revenue forecast, which exceeded analyst expectations as the artificial intelligence boom fuels demand for its chips. Also, an announcement of a $25 billion share buyback lifted its shares.

In stark contrast, other technology behemoths saw a sombre August. The market capitalization of Apple (NASDAQ:AAPL) and Microsoft Corp (NASDAQ:MSFT)’s shares declined 4.4% and 2.4%, respectively, while Meta Platforms Inc (NASDAQ:META)’s shares fell 7.1%.