Stock Market Today, April 24: Nvidia Surges on Soaring AI Chip Demand
Nvidia (NASDAQ:NVDA), a leader in GPUs for data centers, automotive, and gaming, closed Friday at $208.27, up 4.32%. The stock moved higher as investors responded to surging global AI chip demand, fresh all‑time highs, and broader semiconductor strength. The focus will soon shift to next month’s earnings for confirmation of triple‑digit profit growth expectations.
Trading volume reached 192.5 million shares, coming in nearly 12% above its three-month average of 172.5 million shares. Nvidia IPO'd in 1999 and has grown 507,423% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.79% to 7,164, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.63% to finish at 24,837. Among semiconductors, industry peers Advanced Micro Devices (NASDAQ:AMD) closed at $347.77 (+13.90%) and Intel (NASDAQ:INTC) finished at $82.57 (+23.64%) as enthusiasm for AI chips powered sector-wide gains.
What this means for investors
Intel's robust first-quarter earnings and the CEO's optimistic outlook on CPU demand lifted chip sector stocks on Friday. Nvidia closed at a record high bringing its valuation above $5 trillion. AI semiconductor demand doesn’t appear to be easing, and Nvidia’s platforms and GPU architecture play a key role in that ecosystem.
Nvidia is expected to report fiscal first-quarter 2027 earnings on May 20, and investors already expect triple-digit year-over-year earnings growth. That’s partly because the company took a $4.5 billion inventory charge related to new U.S. export restrictions on chips sold to China in the year-ago period.
Strong guidance from the company also calls for about 77% revenue growth, though, helping to support Nvidia’s rising share price.
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Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, and Nvidia. The Motley Fool has a disclosure policy.
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