240% Surge This Year! Nvidia's Stock Jumps To New All-time High After AI Partnership With Google

240%. That¡¯s how much the stock of American tech giant Nvidia has surged this year to date thanks to the AI boom. After becoming the world's ninth company to hit the $1 trillion market cap earlier this year, Nvidia shares again rose 4.2% on Tuesday to close at a record high after it announced a partnership with Google.

NVIDIA¡¯s AI Partnership With Google

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On Tuesday, Nvidia CEO Jensen Huang appeared at a Google conference to speak about an AI agreement between the two Nvidia and Google. Through the partnership, Google¡¯s cloud customers will have greater access to technology powered by Nvidia¡¯s powerful H100 GPUs, as per CNBC.

¡°Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software and services that supercharge energy efficiency and reduce costs,¡± Huang said in a blog post.

Nvidia¡¯s GPUs are also available on competing cloud platforms from Amazon and Microsoft

Strong Quarterly Results As Well As Forecast

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The new all-time high mark for the stock close comes less than a week after the company said quarterly revenue doubled from a year earlier and gave a forecast indicating that sales this period could rise 170% on an annual basis. The day after the better-than-expected earnings report, the stock climbed to a record intraday high of $502.66.

It is noteworthy that Nvidia¡¯s business is booming because its graphics processing units, or GPUs, are being gobbled up by cloud companies, government agencies and startups to train and deploy generative AI models like the technology underpinning OpenAI¡¯s ChatGPT.

Also Read: From Microsoft To Apple-Tech Giants Whose Stocks Are Soaring Amid AI Boom

When NVIDIA Became The World¡¯s 9th Company To Hit $1 Trillion Market Cap

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Earlier this year in May, Nvidia became the world¡¯s first chipmaker and only the ninth company in the world to hit the $ 1 trillion market cap.

The stock's value has surged 240% this year to date, reflecting the surge in interest in artificial intelligence and its scope of becoming a revolution in the near future.

Here¡¯s the list of all the nine companies in the world that have hit the $1 trillion market cap to date, and the year in which they hit the milestone.

1. Nvidia - 2023

2. Apple - 2018

3. Saudi Aramco - 2019

4. Alphabet- 2020

5. Meta- 2021

6. Microsoft- 2019

7. PetroChina- 2007

8. Tesla - 2021

9. Amazon - 2018