Ellen Hazen, Chief Market Strategist at F.L. Putnam Investment Management, has lauded the recent financial performance and growth of Nvidia Corporation (NASDAQ:NVDA), hinting at the start of a significant era with Nvidia at the helm.
What Happened: On Tuesday, Hazen expressed her views on the AI market booming with Nvidia reaping the benefits during CNBC’s “Last Call.”
"Nvidia's revenue is up, Nvidia's earnings [are] up,” she said, recalling a similar instance when Apple overtook Exxon as the biggest company in America by market capitalization in 2011 during the height of software companies dominating the world.
“We're at the beginning of something that is really big, and Nvidia is at the center of it, not only because of chips, but because of software, because of the developer environment, because of other developers they have. So this can keep going for a while”
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Why It Matters: Nvidia’s stock has been on a roll since the beginning of the year, outperforming the majority of the market. The company’s market cap climbed to $3.33 trillion on Tuesday, making it the most valuable public company globally, leaving behind Microsoft and Apple. This surge is largely attributed to the AI boom, with Nvidia’s chips seeing remarkable demand.
However, some experts have raised concerns about Nvidia’s rapid growth, suggesting that the company may be in ‘bubble-ish territory’ and pointing to potential market pullbacks. Despite these concerns, Nvidia’s impact on the market is undeniable. The company’s success has reportedly drawn investments away from other sectors, leading to declines in other stocks.
As of Tuesday, Nvidia’s stock closed at $135.58, marking a 4.14% increase from the previous close. The company also reported an earnings surprise of 0.0170 for Q1 2025, with a revenue of $26.044 billion, surpassing the estimated $24.65 billion.
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Photo courtesy: Nvidia Corp on Flickr
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
