11.7 C
New York
Wednesday, December 11, 2024

Nvidia Overtakes Apple as the Second-Largest Public Company in the US

Nvidia has surpassed Apple to become the second-largest publicly traded company in the United States by market capitalization, trailing only Microsoft. On Wednesday, June 5th, 2024, Nvidia’s market cap reached an astounding $3.019 trillion, nudging past Apple’s $2.99 trillion market cap. This milestone makes Nvidia the third American corporation, after Apple and Microsoft, to cross the $3 trillion mark in market value.

Nvidia’s shares experienced a 5.2% surge, closing at around $1,224.4 per share, while Apple’s shares ended the trading session with a 0.8% increase, settling at $196. The chipmaker’s meteoric rise can be attributed to the AI craze that has engulfed Wall Street this year, with its stock soaring by 147% year-to-date after a remarkable 239% growth in 2023. In contrast, Apple shares have gained a modest 1.7% year-to-date.

Nvidia’s dominance in the AI semiconductor market, accounting for around 70% of sales, has been a driving force behind its success. The company’s CEO, Jensen Huang, recently announced plans to unveil its most advanced AI chip platform, named Rubin, in 2026, succeeding the current Blackwell platform.

While Nvidia has overtaken Apple, Microsoft remains the world’s most valuable company with a market capitalization of $3.15 trillion. However, analysts believe that Nvidia’s rapid growth trajectory could potentially make it the most valuable company in the future, given the vast opportunities for monetizing AI and its addressable market expansion.

Hot this week

H5 Fire Kirin: Experience Gaming Like Never Before

H5 Fire Kirin is an innovative online gaming platform...

Tryst Agency: Elevate Your Brand with Expert Marketing Strategies

Tryst Agency stands out in the competitive marketing landscape....

Geekzilla Autos: Transform Your Ride with Cutting-Edge Tech

Welcome to Geekzilla Autos! This is your go-to place...

Parole Letter Examples: Crafting a Persuasive Appeal

Parole Letter Examples Parole letters are important. They can change...

Utcrgb Com: Your Ultimate Guide to Cutting-Edge Tech Solutions

UTCRGB Com: The Ultimate Digital Tool Discover the features, benefits,...

Topics

H5 Fire Kirin: Experience Gaming Like Never Before

H5 Fire Kirin is an innovative online gaming platform...

Tryst Agency: Elevate Your Brand with Expert Marketing Strategies

Tryst Agency stands out in the competitive marketing landscape....

Geekzilla Autos: Transform Your Ride with Cutting-Edge Tech

Welcome to Geekzilla Autos! This is your go-to place...

Parole Letter Examples: Crafting a Persuasive Appeal

Parole Letter Examples Parole letters are important. They can change...

Utcrgb Com: Your Ultimate Guide to Cutting-Edge Tech Solutions

UTCRGB Com: The Ultimate Digital Tool Discover the features, benefits,...

3 Significant Social Security Changes in 2025 That Could Surprise Many Americans

The article discusses three significant changes to Social Security...

Jake Paul to Launch Men’s Skincare Line at Walmart

Jake Paul, the YouTube influencer and professional boxer, has...

Elon Musk Withdraws Lawsuit Against OpenAI

Elon Musk has dropped his lawsuit against OpenAI, the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img