Nintendo’s stock reached an all-time high Wednesday, as the Nikkei 225 index rose.
According to Nikkei Asia, spotted by VGC, the platform holder’s share price suddenly jumped to $7,902 ($54), a 5% increase from the previous day.
For the first time since November 2007, one year into the Wii’s lifecycle, Nintendo’s market capitalization surpassed $10 trillion ($69 billion).
The increase in shares has been ascribed to excitement for Switch 2 – or whatever the company’s next console will be called – which is largely expected to hit stores before the end of the year.
It was also ascribed to speculation of additional prospective Saudi Arabian investment, with the country’s Public Investment Fund recently raising its stake in Koei Tecmo.
Saudi Arabia’s PIF has increased its interest in Nintendo throughout the years, now holding 8.26% of the company’s shares, making it one of the platform’s major shareholders.
Other causes include Nintendo’s continuous success in the IP industry, with Nintendo-themed facilities in Universal Studios theme parks throughout the world, and The Super Mario Bros Movie finishing 2023 as the year’s second highest-grossing picture, trailing only Barbie.
A sequel is in the works, and Nintendo announced a live-action Legend of Zelda film in November.
The Nikkei Stock Average rose by 2.01% on Wednesday, the highest level since February 1990, thanks to Nintendo’s gain.
Switch 2 was a popular topic in our yearly collection of analyst predictions for the coming year, with Kantan Games’ Dr Serkan Toto predicting the console will be “an iteration rather than a revolution” in comparison to the original Switch. He also speculated that it could cost $400, with $70 games.
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