Nvidia has surpassed Apple to earn second place as the most valuable corporation in the world, with intense demand for the chipmaker’s shares driving up its worth to above $3 trillion.
On Wednesday, Nvidia’s stock rose 5.2% to settle at $1,224.40, increasing the company’s market value to $3.012 trillion.
The most valuable business in the world, Microsoft, increased by 1.91 percent, while Apple saw a 0.78 percent boost.
The California-based company Nvidia, whose graphics processing units have fueled a rise in artificial intelligence (AI), is continuing its incredible run of gains with its current climb. The company’s revenues have increased by nearly 260% during past one year, as major internet companies like Microsoft, Google, Amazon, and Meta have rushed to implement AI.
In an effort to “make stock ownership more accessible to employees and investors,” Nvidia announced a 10-for-1 stock split last month. Small-time investors are likely to find the company’s shares even more appealing as a result of the split, which takes effect on Friday.
Apple, the first firm to cross the $1 trillion and $2 trillion market capitalization thresholds, is facing challenges related to slowing down demand for its iPhones in China and views that it is lagging behind in the AI adoption race.
This year, Apple’s stock price has only increased by roughly 5%, significantly less than the broad-based S&P 500 and tech-heavy Nasdaq indexes.
