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Shares of Nvidia have leaped 31% since the stock last closed below $100 per share on August 7, with the mega-cap tech company adding $765 billion to its market value in just eight trading days.

The massive gain for Nvidia stock from August 7 through August 19 is nearly triple the Nasdaq 100's gain of 11% over the same time period.

The swift gain represents Nvidia's largest eight-day gain since it broke out on a blockbuster AI-fueled earnings report in May 2023, when it gained 33% in less than two weeks. It also represents Nvidia's biggest absolute market cap gain over an eight-day period on record.

The V-shaped recovery in Nvidia stock over the past two weeks has coincided with a broad rally in the stock market as investors welcomed encouraging economic data that helped push back fears of an imminent recession.

From Nvidia's July 10 closing high of nearly $135, the stock plunged 27% through August 7 as investors grew concerned about an economic slowdown , reports of delays for Nvidia's next-generation Blackwell AI GPU , and questions as to whether there would be a slowdown in AI spending due to questionable progress in the monetization efforts of companies that buy Nvidia's AI GPU chips.

But fast forward to Monday's close at $130 per share, and Nvidia stock is just a few percentage points away from hitting a record high.

Whether the historic rally in Nvidia stock can be sustained largely hinges on the company's upcoming earnings report, set to be released next week.

Wall Street Analysts remain steadfast in their bullish outlook for Nvidia heading into earnings.

Wedbush analyst Matt Bryson told CNBC on Monday : "Everyone is committed to spending on AI through the Blackwell launch. So you got another year-plus of elevated AI spend," Bryson said. "I still have a 'buy' rating and I think that we get another quarter from Nvidia that, again, is another beat and raise. They've been doing it consistently. There just doesn't seem to be any change in momentum from their customer base."

And Mizuho managing director Vijay Rakesh took advantage of the sharp Nvidia stock decline earlier this month to increase his price target on the stock, which proved to be prescient call.

"Demand remains unchanged," Rakesh said in a note to clients. "NVDA continues to lead the charge."

The boom in Nvidia stock has also been a major win for co-founder and CEO Jensen Huang, who has seen his net worth soar $27 billion since August 7 to $114 billion, making him the 11th richest person in the world, according to data from Bloomberg.

Nvidia currently boasts a market valuation of $3.15 trillion, and its $765 billion gain in market value over eight trading days is bigger than the value of massive companies including Tesla , JPMorgan , and Walmart .

Read the original article on Business Insider