Nvidia’s latest stock surge pushes market value past $3tn
Nvidia is worth more than Apple after its latest share spike pushed its market value to $3tn.
The microchip maker has enjoyed a meteoric rise on Wall Street during the last twelve months as investors continue to pour money into artificial intelligence.
Nvidia’s AI and machine learning capabilities make its stock a prized commodity in 2024.
Just twelve months ago, the shares were worth £302. Now, they are valued at £957 after another 5% jump last Wednesday (5 June).
This means that Nvidia is collectively worth $3tn, which puts it second only to Microsoft as the most valuable publicly traded company.
Nvidia is a relatively young enterprise having been founded in 1993.
It made its name as the manufacturer of graphics cards for video games, but its early pivot to machine learning has paid off handsomely.
Tech giants Google, Meta and Microsoft have also been betting big on AI.
Nvidia boss believes the emergence of advanced AI has kicked off the “next industrial revolution.”
The company’s sales are certainly trending in the right direction; revenue soared to $26bn during the latest operating quarter.
Investors are naturally hungry for more shares, which prompted Nvidia to announce a “stock split” last month.
The move will allow more investors to buy into the company.
While Nvidia is thriving, Apple has hit a stumbling block as it sits out the AI race for now.
The iPhone maker’s sales growth stalled earlier this year, and investors are keen to hear how it will incorporate AI into its strategy.
Microsoft, which has invested heavily in Chat GPT-maker OpenAI, is the market cap “leader” at roughly $3.15tn.