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Nvidia Surpasses Apple in Market Value, Takes Second Spot
Business | June 6, 2024, Thursday // 09:52
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CBS News reported that Nvidia surpassed Apple in market capitalization on Wednesday, securing the second position behind Microsoft. This shift reflects investors' confidence in the chipmaker's role in driving the artificial intelligence revolution.
Nvidia's market capitalization reached 3 trillion USD as its stock surged over 5%. At the close of the market, Nvidia was valued at 3.019 trillion USD, slightly edging out Apple, which stood at 2.99 trillion USD. However, Microsoft remains the leader with a market capitalization of 3.15 trillion USD.
Since reporting its first-quarter earnings in May, Nvidia's shares have surged by more than 24%. The company's dominance in data center AI chips, boasting an approximately 80% market share, has attracted significant investments from major cloud providers, contributing to its rapid growth.
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