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Nvidia's stock surged on Wednesday, propelling its valuation past $3 trillion and surpassing Apple as the world's second most valuable company.
Nvidia’s $3 Trillion Milestone Surpasses Apple’s Valuation
On Wednesday, Nvidia's stock price soared to new heights, driving the artificial intelligence chipmaker's valuation beyond $3 trillion and making it the second most valuable corporation in the world, behind only Apple.
As reported by Reuters, Nvidia is getting ready to divide its stock in half, which might make it more appealing to individual investors, starting on June 7.
With a 5.2% increase, Nvidia's shares ended the day valued at $3.012 trillion. Apple's shares rose 0.8%, bringing the company's market valuation to $3.003 trillion.
AI Race Intensifies: Nvidia, Microsoft, and Alphabet Lead
As companies like Microsoft, Meta Platforms, and Alphabet (owner of Google) scramble to develop their artificial intelligence computing skills and control the new technology, Nvidia's stock has increased by 147% so far in 2024. It has gained roughly 30% in the time since Nvidia's most recent revenue projections on May 22.
Earlier this week, Nvidia CEO Jensen Huang—who was born and raised in Taipei before migrating to the US—was swarmed by fans and television cameras during his visit to the Computex technology trade show in Taipei, according to MSN.
AI Excitement Boosts Nvidia, Challenges Apple
Nvidia is riding high on the AI excitement on Wall Street, while Apple is fighting an uphill battle in China, the largest smartphone market in the world, due to low demand and fierce competition. As rival tech giants hastily incorporate AI capabilities into their goods and services, some investors see Apple as falling behind.
Nvidia's stock has soared, but analysts' expectations for the company's future profits have overtaken it. According to LSEG statistics, compared to a year ago, when it was trading at more than 70 times predicted earnings, Nvidia is now trading at 39 times, making it a more affordable stock.
On Wednesday, chip stocks were bolstered broadly by confidence in AI, sending the PHLX chip index surging 4.5%. Super Micro Computer, a vendor of Nvidia-powered AI-optimized servers, had a 4% increase in stock price.
