• Home
  • Ai
  • Ai News
  • Nvidia Tops $3 Trillion in Market Value, Leapfrogging Apple

Nvidia Tops $3 Trillion in Market Value, Leapfrogging Apple

Nvidia is now the first computer-chip company to hit $3 trillion in market capitalization.

Nvidia Tops $3 Trillion in Market Value, Leapfrogging Apple

Photo Credit: Reuters

Nvidia has shown no signs of slowing down or letting its rivals catch up

  • Nvidia surpassed Apple in market capitalisation on Wednesday
  • The chipmaker is now the second most valuable company in the world
  • The last time Nvidia was worth more than Apple was in 2002

Nvidia Corp. was already the world's most valuable semiconductor firm. Now, it's become the first computer-chip company ever to hit $3 trillion in market capitalization.

The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets. On Wednesday, shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc. in the process. 

The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $10 billion each.

Nvidia has shown no signs of slowing down or letting its rivals catch up; the company's Chief Executive Officer Jensen Huang said the firm plans to upgrade its so-called AI accelerators every year. Wednesday's stock gain increased his wealth by more than $5 billion to $107.4 billion, according to the Bloomberg Billionaires Index. 

The rise of generative AI is a new industrial revolution and Nvidia expects to play a major role as the technology shifts to personal computers, Huang told attendees at a keynote address at National Taiwan University.

“We see this sea change as in the very early innings,” said Angelo Zino, senior equity analyst at CFRA Research. 

After the CEO's keynote, Zino said he likes “the improved visibility” and sees “greater momentum on the GPU/CPU/networking side driving upside to consensus estimates.”

The company has been arguably the biggest beneficiary of a massive flood of AI spending, helping vault the company into a race to claim the title as the world's most valuable company. The chipmaker still trails Microsoft Corp. by market value, but with shares on a tear Wall Street sees it as only a matter of time before Nvidia overtakes it. 

Apple has struggled this year with the technology giant's shares pressured by concerns over cooling iPhone demand in China and a fine from the European Union. Shares in the company have only recently turned positive for 2024 as investor sentiment toward the iPhone maker is slowly improving.

© 2024 Bloomberg L.P.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Nvidia, Artificial Intelligence, Apple, AI
iPhone 15 Lineup Will Get Five Years of Software Support, Apple Confirms; Less Than Google, Samsung
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »