Nvidia’s shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker’s stock market value about $100 billion away from overtaking Apple in a significant reshuffling of Wall Street’s most valuable firms.
Reuters:
Last trading at $1,128, Nvidia’s market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street’s second-most valuable company after Microsoft.
Its stock surged as much as 8% to $1,149.39 during the session, an intra-day record high.
Nvidia’s shares have surged nearly 13% since it forecast second-quarter revenue above Wall Street expectations last week and announced a stock split, which excited investors as they continue to bet on the AI poster child.
The company’s shares have more than doubled so far this year after more than tripling last year.
Nvidia, which has been one of the biggest beneficiaries of the AI boom, reported a five-fold jump in revenue at its data center segment last week as customers line up for their high-performance chips.
Microsoft overtook Apple as the world’s most valuable company earlier this year as it raced ahead of other tech firms due to gains made by early investments in artificial intelligence across its cloud services.
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MacDailyNews Take: The fact is that, like it or not, Apple deserves to be overtaken due to being caught so embarrassingly flatfooted on generative AI. Still, Cupertino may be able to recover its footing starting at WWDC, regardless of whether it can stave off Nvidia before then.
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