Nvidia Market Capitalizes More than $3 Trillion, Shifting Apple's Position as No. 1 Company 1

Bittime - Nvidia's market capitalization has shot past the $3 trillion mark (around £2.3 trillion), placing the chip giant ahead of Apple as the world's second most valuable public company. The company's stock price jumped more than 5% on Wednesday, reaching more than $1,224 per share.

Nvidia's Incredible Growth Since Last Year

This significant increase marks the continuation of Nvidia's extraordinary growth, which began last year. The company is backed by strong investor confidence, driven by the belief that it is well positioned to ride the wave of investment in artificial intelligence (AI). Nvidia's market value now trails only Microsoft, another major player in the tech industry, buoyed by its investments in AI initiatives such as OpenAI, the creator of ChatGPT.

Stock Split Sparks Enthusiasm for Buying Nvidia Shares

Back in February, Nvidia was valued at $2 trillion. However, the announcement of a stock split last month triggered a new surge in share buying. The stock split, which will take place on Friday, will increase the number of shares tenfold while lowering the price per share. The move aims to make Nvidia shares more accessible to retail investors, which is expected to further drive demand.

A Brief History of Nvidia

Founded in 1993, Nvidia initially focused on developing graphics processing units (GPUs) for games. As time went by, the company started incorporating machine learning capabilities into its chips, positioning itself as a leader in the AI ​​sector. Nvidia CEO Jensen Huang has described the current technological shift as “the next industrial revolution,” highlighting the company's important role in the expansion of AI technology across various industries.

Q1 2024 Revenue 3x More Than Year-on-Year 2023

Nvidia's financial performance reflects its market success. The company reported revenue of $26 billion for the first quarter ended April 28, a figure that more than triples compared to the same period in 2023 and marks an 18% increase from the previous quarter.

Overall Stock Market Also Benefits from Nvidia's Achievement

The market as a whole has also benefited from the enthusiasm around AI, with the S&P 500 and Nasdaq both hitting new highs recently. Despite stagnating earlier this year, Apple shares are gaining momentum again, partly due to investor anticipation regarding their AI strategy.

Apple shares rose 0.7%, giving the company a market capitalization of about $3 trillion, calculated by multiplying the total number of shares by the current share price.

Conclusion

Nvidia's impressive surge past $3 trillion in market value underscores its critical role in the booming AI sector and reflects broader market optimism about the future of AI technology.

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