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Nvidia Reaches $3 Billion Market Cap, Surpassing Apple to Become The 2nd Most Valuable Company

06 June 20243 mins read by Angel One
Chip maker Nvidia has crossed $3 Billion market capitalization and has surpassed Apple to become the second most valuable company in the world.
Nvidia Reaches $3 Billion Market Cap, Surpassing Apple to Become The 2nd Most Valuable Company
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Nvidia Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, and incorporated in Delaware. It is a software and fabless company that designs and supplies graphics processing units (GPUs), application programming interfaces (APIs) for data science and high-performance computing as well as system-on-a-chip units (SoCs) for the mobile computing and automotive market. The company has reached a $3 Billion market capitalization figure.

Nvidia Surpassed Apple

In a remarkable turn of events within the tech industry, Nvidia has surpassed Apple to become the world’s second most valuable company. On Wednesday, the AI chipmaker’s market capitalization surged past the $3 trillion milestone, this was mainly driven by an unrelenting demand for its processors, which are an integral part of the field of artificial intelligence.

Nvidia’s stock experienced a significant rise of 5.2%, closing at $1,224.40 and increasing its market capitalization to $3.012 trillion. This jump of 5.2% has allowed Nvidia to edge out Apple, whose market cap stood at $3.003 trillion after a modest 0.8% increase. Despite this shift, Microsoft Corp. maintains its position as the world’s most valuable company with a market value of $3.15 trillion.

Nvidia Stock Performance 

Nvidia’s stock has seen an impressive 147% surge since the start of 2024, and it has surged more than 200% in the past year, emphasizing its pivotal position in the AI revolution. Leading tech giants like Microsoft, Meta, and Google’s parent company, Alphabet, are actively seeking Nvidia’s high-performance chips to bolster their AI capabilities. This surge in demand highlights the increasing importance of Nvidia’s technology in driving innovation across various sectors reliant on artificial intelligence.

Conclusion: Nvidia’s remarkable stock value surge and pivotal role in powering the AI revolution strengthens its position as a cornerstone in the tech industry. With major players like Microsoft, Meta, and Alphabet leveraging Nvidia’s high-performance chips, the company’s influence is set to continue expanding in the ever-evolving field of artificial intelligence. This trajectory highlights Nvidia’s significance in shaping the future of technology and its profound impact on industries worldwide. The stock of Nvidia closed at  $1,224.40 up by 5.2% on Wednesday.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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