NVIDIA is now the second most valuable company in the world

Nvidia’s stock soared to record highs on Wednesday, with the artificial intelligence chipmaker’s valuation surpassing the $3PHP 176INR 254EUR 3CNY 22 trillion mark.

This milestone positions Nvidia ahead of Apple, making it the world’s second most valuable company.

Nvidia’s stock closed the day with a 5.2% increase, reaching $1,224.40PHP 71,855INR 103,768EUR 1,166CNY 8,912 per share, and bringing its market capitalization to $3.012PHP 177INR 255EUR 3CNY 22 trillion. In comparison, Apple’s market capitalization stood at $3.003PHP 176INR 255EUR 3CNY 22 trillion after a 0.8% rise in its stock price.

Microsoft remains the world’s most valuable company with a market cap of $3.15PHP 185INR 267EUR 3CNY 23 trillion, following a 1.9% increase in its shares.

Nvidia’s remarkable growth is attributed to the booming demand for its AI processors.

Nvidia’s stock has surged 147% in 2024, driven by high demand for its cutting-edge processors. Companies like Microsoft, Meta Platforms, and Google-owner Alphabet are racing to enhance their AI computing capabilities, further fueling Nvidia’s growth.

Additionally, Nvidia is preparing for a ten-for-one stock split, effective June 7, which is expected to boost its appeal to individual investors. This strategic move signifies a significant shift in Silicon Valley, where Apple has been a dominant force since the iPhone’s launch in 2007.