HomeTop U.S. NewsNvidia Overtakes Apple as the Second Most Valuable Company on the US...

Nvidia Overtakes Apple as the Second Most Valuable Company on the US Stock Market

Shares of chipmaker Nvidia continued their climb on Wednesday, jumping 5.16% to reach an all-time record of $1,224.40. This pushed the company’s market cap past the $3 trillion mark for the first time ever, helping it surpass Apple as the second most valuable company on the US stock market.

Nvidia now has a market cap of $3.1 trillion. Apple itself became a $3 trillion company again on Wednesday, after its shares saw a slight increase by around 1% to push its market capitalization to $3.01 trillion. Microsoft continues to be the most valuable company in the US, with a market cap of $3.15 trillion following a 1.91% jump.

Nvidia has had a phenomenal year, seeing its shares surge 154.19% year to date. The company is benefiting from the high demand for its processors in the midst of the Artificial Intelligence boom. Almost all high-profile tech companies, including Microsoft, Google, and Tesla, use Nvidia’s hardware to power up their AI projects.

However, the high price of Nvidia’s shares won’t last much longer. The company announced last month that it will enact a 10-for-1 split in order to make its stock more affordable. This move will likely make the company’s shares even more attractive, especially for individual investors.

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