The popular television host Jim Cramer’s unwavering belief in Nvidia Corporation (NASDAQ: NVDA) has paid off, as the technology company’s stock skyrockets by 200% since Cramer famously named his dog “Nvidia” back in 2017.
Cramer’s vocal support for Nvidia and its CEO, Jensen Huang, has been vindicated with the release of the company’s impressive first-quarter financial results, surpassing analysts’ expectations. The positive performance has also prompted analysts to raise their price targets for Nvidia.
For those who followed Cramer’s lead and invested $1,000 in Nvidia stock when he named his dog after the company, they are now reaping significant rewards. As of May 25, 2023, their initial investment would have grown by 200%.
Despite recently taking profits from other successful investments, Cramer remains steadfast in his support for Nvidia, believing that the company holds the potential to reach a staggering $10 trillion market valuation in the future.
On Thursday, May 25, 2023, Nvidia’s stock opened at an impressive $385.45, a substantial increase from the previous day’s close at $305.46. Throughout the day, the stock traded between $366.35 and $394.80, with a total volume of 4,054,302 shares changing hands. Although the trading volume was lower than the average of the past three months, which stood at 72,141,851 shares, the market cap of Nvidia soared to $773.2 billion.
Notably, Nvidia’s competitors in the semiconductor industry also experienced positive movements on May 25, 2023. Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) saw a remarkable surge of +12.28%, Broadcom Inc. (NASDAQ: AVGO) recorded an increase of +4.77%, Advanced Micro Devices, Inc. (NASDAQ: AMD) witnessed a rise of +10.15%, and Texas Instruments Incorporated (NASDAQ: TXN) enjoyed a slight uptick of +0.82%.