Nvidia Surpasses Apple, Takes Second Spot In Market Value Behind Microsoft

In a stunning display of market dominance, Nvidia has overtaken Apple to become the second-most valuable publicly listed company globally, with a market capitalization exceeding $3 trillion. This remarkable achievement comes on the heels of a surge in demand for Nvidia's products, particularly in the artificial intelligence (AI) sector. The company's stock has seen a significant increase, contributing nearly half of the S&P 500's year-to-date market cap gain.

The stock's advance has pushed Nvidia past Apple, making it the second-most-valuable company in the US stock market. This shift marks a significant change in Silicon Valley, which Apple has dominated since it launched the iPhone in 2007. As of now, Nvidia is positioned just behind Microsoft, which holds the top spot with a market cap of $3.15 trillion.

Nvidia's valuation was just above $950 billion a year ago and was about $400 billion in November 2022 when OpenAI first released ChatGPT to the public. The ongoing AI boom has catapulted Nvidia's market valuation to the $3 trillion club as mega-cap tech companies like Meta Platforms, Alphabet, Amazon, and Microsoft rush to buy the company's supply-constrained AI-enabling GPU chips.

The company's stock closed at $1,224.40 per share, giving it a market valuation of $3.014 trillion. This valuation is just above Apple's market capitalization, which was last at $3.003 trillion after its stock climbed 0.8%. Microsoft, based in Redmond, Washington, remains the world's most valuable company at $3.15 trillion after its shares climbed 1.9%.

Nvidia CEO Jensen Huang, who was born in Taipei and was recently the subject of wall-to-wall coverage on Taiwanese television, has been instrumental in the company's success. The surge in Nvidia's market value above Apple's marks a shift in Silicon Valley, which the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.

As the AI revolution continues to unfold, Nvidia is poised to play a major role in the new industrial revolution. The company expects to continue its growth trajectory as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors. With the insatiable demand for its chips used to power artificial intelligence (AI) tasks, the future looks bright for Nvidia.

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Travis

contributor

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