Nvidia Becomes Second-Largest Company in US Market, Overtaking Apple

Nvidia Surpasses $3 Trillion Market Value, Becomes Second-Largest Company in US Market, Overtaking Apple

Source: Largest American companies by market capitalization (companiesmarketcap.com)

Nvidia’s shares surged over 5% on Wednesday, 5th June, hitting a historic high of $1,224.40 and propelling the company’s market cap above $3 trillion. Nvidia now ranks as the second most valuable firm in the US stock market, behind Microsoft, after this spike moved it beyond Apple.

Nvidia has been a focal point of investor interest in AI, a trend that gained momentum following OpenAI’s launch of ChatGPT in late 2022. The stock has seen remarkable growth, rising over 140% this year and 200% over the past year. Over the last five years, Nvidia shares have surged by more than 3,300%.

This week’s upswing in Nvidia was triggered by an announcement from Nvidia’s CEO on Sunday at the Computex Technology trade show in Taipei, revealing plans to unveil a high-performance version of its Blackwell chip, named the Blackwell Ultra, in 2025. This will be followed by a new AI chip platform, Rubin, in 2026, with an Ultra version of Rubin slated for release in 2027. Nvidia is a crucial supplier of AI chips and integrated software in the tech sector. Amazon, Google, Meta, Microsoft, and Tesla all depend on Nvidia’s hardware to support a wide range of applications, including cloud-based AI services and their own AI models and solutions.

It just shows you that AI, and if this is a revolution, as they are calling it, is true, Nvidia can go even higher as a stock”, Nigel Green, CEO of deVere, one of the world’s largest independent financial advisory and asset management organisations stated in a recent video.

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