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In a significant milestone, Nvidia has overtaken Apple in market capitalization, solidifying its position as the second-most valuable public company in the United States, trailing only behind Microsoft. The surge in Nvidia’s market value pushed it past Apple, with Nvidia closing at a market cap of $3.019 trillion compared to Apple’s $2.99 trillion at market close.
Nvidia’s climb to the second spot marks a remarkable achievement, especially considering the company’s history. The last time Nvidia held a higher market cap than Apple was in 2002, long before the advent of the iPhone. Both companies were valued at less than $10 billion each at that time. Nvidia achieved its first trillion-dollar market cap milestone in May 2023 and crossed the $2 trillion mark earlier this year in February.
The driving force behind Nvidia’s recent success has been its focus on AI accelerators. CEO Jensen Huang’s strategy to upgrade these accelerators annually has paid off, contributing significantly to Nvidia’s market value growth. Following the recent stock gains, Huang’s personal wealth surged by more than $5 billion to reach $107.4 billion, according to the Bloomberg Billionaires Index.
Apple, the pioneer in reaching market cap milestones, was the first company to surpass the $1 trillion, $2 trillion, and $3 trillion marks. However, its long-held title of the most valuable company was recently surpassed by Microsoft. With Nvidia’s trajectory and the continued growth of its shares, analysts believe it is well-positioned to potentially overtake Microsoft in the near future.
Nvidia’s ascent in market value underscores the growing influence and significance of technology companies in the global market, particularly those at the forefront of AI and semiconductor innovations. As Nvidia continues to innovate and expand its offerings, its market cap journey reflects the evolving landscape of the tech industry and the immense value placed on cutting-edge technology solutions.
Sources By Agencies
