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Thursday, June 20, 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.

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