Nvidia’s market cap boost was around $150 billion, not $150 million. Wednesday was a record high for the company, overtaking Apple as the second most valued company at $3 trillion.
Nvidia may attract private investors with its June 7 ten-for-one stock split.
Steve Jobs’ business has dominated Silicon Valley since the iPhone’s 2007 launch, but Nvidia’s market value is soaring.
Nvidia shares increased 5.2% to $1,224.40, worth $3.012 trillion. After its 0.8% share surge, Apple’s market cap was $3.003 trillion.
At $3.15 trillion, Redmond, Washington-based Microsoft is the world’s most valuable firm after a 1.9% share price increase.
“Nvidia is profiting from AI, and Apple and Meta are spending on it,” said Longbow Asset Management CEO Jake Dollarhide.
Nvidia may beat Microsoft. Retailers are betting big on a winner.”
image credit: YVES HERMAN
As Microsoft, Meta Platforms, and Google-owner Alphabet compete to dominate AI computing, Nvidia’s stock has risen 147% in 2024 as demand surpasses supply for its top-of-the-line chips
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Nvidia has risen almost 30% from its best sales prediction on May 22.
Nvidia’s market valuation hit $150 billion on Wednesday, surpassing AT&T’s.
PHLX chip index surged 4.5% Wednesday as AI optimism buoyed semiconductor makers. Nvidia-powered AI server maker Super Micro Computer jumped 4%.
Nvidia CEO Jensen Huang was besieged at Computex in Taipei, his hometown before migrating to the US, this week, according to Taiwanese media.
Apple faces weak iPhone demand and tough competition in China, the world’s largest smartphone market, while Nvidia rides Wall Street’s AI frenzy.
Investors say Apple may be lagging other tech giants in AI adoption.
Analysts expect Nvidia’s earnings to outpace stock growth. LSEG data shows Nvidia trading at 39 times anticipated earnings, down from 70 times a year ago.
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