Nvidia Corp. (NASDAQ:NVDA) stock skyrocketed immediately after the company reported a first-quarter beat and forecast strong revenue growth for the second quarter.

Nvidia Price Action: The stock, which ended Wednesday's regular session down 0.49% at $305.38, took off vertically in the after-hours session. The stock went as high as $386 and last traded at $380.65, up 24.63%, according to Benzinga Pro data.

The $75.22 the stock gained in the after-hours session translates to a market cap of roughly $186 billion, based on the 2.47 billion shares that are outstanding.

Market watchers were quick to point out that the incremental valuation Nvidia added in the after-hours session was more than the valuation of either of its peers Advanced Micro Devices, Inc. (NASDAQ:AMD) and Intel Corp. (NASDAQ:INTC). The market cap of the latter two stood at $174.35 billion and $121 billion, respectively, at the close of trading.

See Also: How To Buy Nvidia (NVDA) Stock

$1T In Sight: Nvidia's market cap based on its after-hours price is about $940 billion, while at the regular session's closing price, its valuation was about $755 billion.

For Nvidia to hit the $1 trillion market cap, the stock has to rally to $405. 

Source: Chart Courtesy of Y Charts

Nvidia is currently the sixth most-valued company after Amazon, Inc. (NASDAQ:AMZN), which has a valuation of $1.198 trillion.

Sell-side is likely to go gaga over the company's quarterly results and a positive rerating from the analysts covering the stock is likely. KeyBanc Capital Markets analyst John Vinh hiked the price target for the stock from $375 to $500 in one of the earliest upward revisions.

Before the stock took a tumble in 2022, the company had hit a market cap of over $834 billion in late 2022.

How Valuation Swelled Over Years: Nvidia's market cap hit $100 billion for the first time in July 2017.

• It took 18 years from the company's IPO for the stock to attain the $100-billion market cap mark and 24 years from the company’s inception.
• The company doubled the market cap to $200 billion by May 2020, in about three years
• The $500 billion mark was hit in June 2021, in just a little over a year.

If the $1 trillion mark is hit on Thursday, the company would have yet again doubled its valuation in a year.

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