Nvidia surpasses $3 trillion market cap, overtakes Apple as world’s second-most-valuable company
Shares of Nvidia surged more 5% on Wednesday hitting a new all-time record high of $1,224.40 and giving the company a market cap above $3 trillion for the first time. The stock’s advance pushed Nvidia past Apple, making it the world’s second-most-valuable company, after Microsoft.
Daniel Howley for Yahoo Finance:
Nvidia has been the poster child for investor enthusiasm in AI, which accelerated with OpenAI’s release of ChatGPT in late 2022.
The stock is up over 140% this year and 200% over the last year; Nvidia shares have gained more than 3,300% in the last five years. Over those same periods, the Nasdaq has gained a more modest 14%, 29%, and 126%, respectively.
Nvidia is the tech industry’s go-to supplier for AI chips and integrated software.
Tech behemoths, including Amazon, Google, Meta, Microsoft, Tesla, and others, use its hardware to power everything from their cloud-based AI offerings for customers to their own AI models and services.
Nvidia also announced that its stock would undergo a 10-for-1 split on June 7, and the company will raise its dividend from $0.04 per share to $0.10 per share.
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MacDailyNews Take: Apple today also rose modestly, regaining entry into the $3 trillion club it established on January 3, 2022
The Top 3 market values:
Microsoft: $3.151 trillion
Nvidia: $3.012 trillion
Apple: $3.003 trillion
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