Nvidia, the poster child of Wall Street’s artificial intelligence surge, has become the most valuable company in the world, overtaking Microsoft.
On Tuesday, Nvidia’s market capitalization closed at approximately $3.34 trillion, just ahead of Microsoft’s $3.32 trillion. Apple follows closely as the third most valuable company in the U.S., with a market cap of $3.27 trillion.
Nvidia shares rose by 3.5% on Tuesday, while Microsoft shares dropped by 0.5%, and Apple shares declined by 1.1%. Earlier this month, Nvidia joined the ranks of tech giants, becoming one of the only U.S. companies to surpass a $3 trillion market cap.
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Over the past year and a half, Nvidia’s stock has soared, driven by its unmatched chips that power artificial intelligence systems, including generative AI technologies like OpenAI’s ChatGPT. Nvidia leads the “Magnificent Seven” tech stocks, which have significantly boosted the stock market since the AI frenzy hit Wall Street last year. The company’s stock has surged approximately 174% this year, making it the best performer in the S&P 500 index for 2023.
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The rise of Nvidia, led by CEO Jensen Huang, marks a significant shift in the tech industry’s landscape. This milestone follows a period of intense competition among the most prominent tech companies for the top spot.
In June, Apple briefly became the most valuable U.S. company after unveiling generative AI features for the iPhone at its annual Worldwide Developers Conference, only to fall back below Microsoft the next day.
Nvidia’s success is further highlighted by its recent 10-for-1 stock split on June 7. Last month, the chipmaker reported another outstanding quarter, with a 262% increase in revenue and a 462% increase in profits year-over-year, solidifying its position at the forefront of the tech industry.
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