Nvidia’s stock soared to record highs on Wednesday, with the artificial intelligence chipmaker’s valuation surpassing the $3 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 $1,224.40 per share, and bringing its market capitalization to $3.012 trillion. In comparison, Apple’s market capitalization stood at $3.003 trillion after a 0.8% rise in its stock price.
Microsoft remains the world’s most valuable company with a market cap of $3.15 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.
