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Nvidia crosses $2 trillion market cap for first time

Chip making giant Nvidia (NVDA) surpassed the $2 trillion market cap mark for the first time at Friday's market close. Shares of the company have already surged over 70% year-to-date.

Yahoo Finance Anchors Julie Hyman and Madison Mills break down the latest development for Nvidia and what it could mean for the company moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino

Video Transcript

JULIE HYMAN: Meantime, a market milestone for NVIDIA. That company closing above a $2 trillion market cap for the first time ever. Today's gains seem to be driven by Dell's upbeat earnings report last night. That company pointing to a surge in orders for its AI optimized servers, which happened to be made with NVIDIA processors, Matty. So this was a milestone that the market was anticipating, that NVIDIA would get to $2 trillion, and there it is.

MADISON MILLS: And there it is. It also sent the spy ETF to the $500 billion milestone. So record breaking news across the board when you have a name as big as NVIDIA. But we've seen NVIDIA do this before. Obviously not at this record, but they have these higher highs and then they struggle to really break out past it between earnings prints. So I am curious to see what the catalyst will be moving forward, to bring more growth for NVIDIA as the earnings cycle starts to slow down a little bit. And then, of course, for retail investors who are looking at this and haven't gotten in on NVIDIA, not good news.

JULIE HYMAN: Yeah, not necessarily. Although, we still talk to plenty of people who say it's not too late, and that they--

MADISON MILLS: Really?

JULIE HYMAN: Will have more upside. Yes. We've talked to quite a few folks who are saying that. But there's also a lot of other chip makers out there.

MADISON MILLS: Yes.

JULIE HYMAN: Including Marvell. We talked to Ivan and Delavska earlier today, who likes that, although she likes NVIDIA and AMD too. Who doesn't.

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