As the AI boom continues to generate enthusiasm on Wall Street, Nvidia overtook Apple on Tuesday to become the world’s most valuable corporation.
With a 2.9% increase in shares to $139.93, Nvidia’s market value surpassed Apple’s at $3.38 trillion, reaching $3.43 trillion.
Nvidia Overtook Apple To Become World’s Most Valuable Corporation
In June of last year, Nvidia briefly claimed the title of largest traded business.
Today, the company’s value surpasses that of Amazon and Meta put together.
In order to train generative AI systems like Google’s Gemini and OpenAI’s ChatGPT, major tech companies have invested billions of dollars on Nvidia’s AI technology.
Nvidia’s quick ascent will be highlighted on Friday when it joins the Dow Jones Industrial Average.
Since the end of 2022, the publication of ChatGPT has caused an AI craze that has driven a more than 850% increase in Nvidia’s share price.
Nvidia Beats Apple To Become World’s 2nd Biggest Company At $3.012 Trillion Valuation
In June, we reported that Nvidia overtook Apple to take the second spot as the most valuable corporation in the world.
In fact, Nvidia broke the $3 trillion valuation barrier.
This valuation was driven by the unquenchable demand for Nvidia’s processors, which are the foundation of artificial intelligence.
With a 5.2% increase in stock price, Nvidia’s market capitalization reached $3.012 trillion. Following a slight 0.8% increase, Apple’s market value finally reached $3.003 trillion. With a $3.15 trillion market capitalization, Microsoft maintained its number one position.
The company’s critical position in the AI revolution was highlighted by the startling 147% gain in Nvidia’s stock price since the beginning of 2024. Tech behemoths like Microsoft, Meta, and Alphabet are vying for Nvidia’s high-performance CPUs.
The market was rocked by Nvidia’s incredible revenue projection, which was released on May 22nd and drove the stock higher by around 30%.
The ten-for-one stock split that Nvidia is planning to implement on June 7th is anticipated to increase interest from private investors even further. The domination of Nvidia was indicative of a larger trend in the computer industry, where AI is becoming a major arena of conflict.
