On Thursday, investors holding short positions against Nvidia lost $826 million in mark-to-market losses. The bearish bets against the chipmaker have caused short sellers to lose over $11.3 billion year-to-date as the company’s stock prints new highs.

Nvidia Shares Hit a New All-Time High

Short sellers betting against Nvidia have collectively lost $826 million in mark-to-market losses on Thursday after the tech giant’s shares surged on positive quarterly performance and the ongoing artificial intelligence (AI) frenzy.

Reuters reported that the bearish positions on the world’s largest chipmaker have cost investors $11.36 billion in paper losses since the start of 2023, citing data from analytics firm S3 Partners. This makes Nvidia the worst-performing short bet this year, alongside Tesla.

At the time of writing, shares of Nvidia were trading at $482.4, up nearly 2.4% at the market open on Thursday. The stock rose by approximately 8% in after-hours trading the day before, driven by the company’s better-than-expected earnings report.

Nevertheless, if Nvidia retains today’s gains, it would represent a new all-time high for the chipmaker’s stock, potentially surpassing the previous record-high closing price of $474.94 in mid-July.

Nvidia Market Cap Hits $1.2 Trillion on Strong Q2 Earnings

Nvidia’s latest upswing in the stock market comes less than three months after the company entered the $1 trillion club, joining the likes of Apple, Microsoft, Saudi Aramco, Alphabet, and Amazon. The chip manufacturer is currently worth about $1.20 trillion and has defended its milestone valuation with an impressive earnings report for the fiscal Q2 2024 that blew away analysts’ estimates.

Notably, Nvidia reported adjusted earnings per share of $2.70 for the three months, compared to the consensus estimates of $2.09. Net income came in at $6.19 billion, or $2.48 a share, compared to $656 million, or 26 cents, a year ago.

Further, the company generated a humongous Q2 revenue of $13.51 billion, significantly higher than the expected $11.22 billion. Year-over-year, revenue increased by about 101%.

Looking ahead, Nvidia’s guidance for the fiscal Q3 was just as strong, with the chipmaker expecting revenue of around $16 billion, while Wall Street was looking for $12.61 billion. The guidance indicates sales in the current quarter will grow 170% from the year-ago period.

This article originally appeared on The Tokenist

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