In a remarkable turn of events, Nvidia has outpaced Apple to secure its position as the world’s second most valuable company, boasting a staggering market value exceeding $3 trillion. This milestone comes amidst a record-breaking surge in Nvidia’s stock prices and an impending ten-for-one stock split scheduled for June 7.
This seismic shift marks a significant departure from the long-standing dominance of Apple in the tech arena, particularly since the advent of the iPhone in 2007. Nvidia’s ascent to prominence underscores its leadership in AI chip manufacturing, a sector crucial for the future of technology.
While Microsoft retains its top spot with a market value of $3.15 trillion, Nvidia’s meteoric rise in 2024 has been nothing short of extraordinary. The company’s market value skyrocketed by a whopping 147%, fueled by soaring demand for its processors from tech giants heavily investing in AI technologies.
On a single Wednesday, Nvidia’s market value surged by nearly $150 billion, a surge eclipsing the entire value of AT&T. This remarkable growth underscores the pivotal role of AI technology and Nvidia’s chips in shaping the trajectory of computing and technology development.
Nvidia’s success story mirrors a broader trend in the tech landscape, where companies specializing in advanced technologies such as AI are experiencing substantial growth and investor interest. As Nvidia continues to push boundaries and expand its footprint, it is poised to remain a formidable force in the industry, potentially posing a challenge to even the behemoths like Microsoft and Apple in the years to come.