The Nintendo Switch 2 has boosted Nintendo's market cap by $39 billion
Nintendo sold millions of Switch 2 consoles within days of the product's release — and hopes to sell 15 million by next year
Credit: Nintendo
Shares of Nintendo hit a record high on Wednesday thanks to the company's new Switch 2 console, which hasn't been on the market for long but has already added tens of billions of dollars to the company's value.
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The Japanese video game maker, whose stock is traded in the U.S. as an American Depository Receipt, or ADR, has seen its shares jump by around 47% this year.
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Nintendo's much anticipated Switch 2, a follow-up to its 2017 console, finally became available for purchase this month and is already in short supply. CNBC estimates that the Switch 2 has added $39 billion to the stock's value.
The company hopes to sell 15 million units by March of next year. It sold an incredible 3.5 million Switch 2 consoles, which retail for $449 each in the U.S., in the first four days of its release.
Since the launch of the original Switch in 2017, Nintendo shares have more than quadrupled.
The Switch 2 release was almost derailed by President Donald Trump's trade war. Nintendo made headlines in April when it announced it was delaying pre-orders of the console due to tariffs. The company quickly resumed pre-orders and said it was keeping the price of the console the same, but it told consumers to expect hikes elsewhere.
“Nintendo Switch 2 accessories will experience price adjustments from those announced on April 2 due to changes in market conditions,” the company said at the time. “Other adjustments to the price of any Nintendo product are also possible in the future depending on market conditions.”
The Switch 2 is so popular it has even become the target of theft. More than $1.4 million worth of the video game consoles were stolen from the back of a semi-truck in Colorado earlier this month and the suspects are still at large, according to local news station Denver 7.