Shares of Nvidia surged more 5% on Wednesday hitting a new all-time record high of $1,224.40 and giving the company a market cap above $3 trillion for the first time. The stock’s advance pushed Nvidia past Apple, making it the world’s second-most-valuable company, after Microsoft.
Daniel Howley for Yahoo Finance:
Nvidia has been the poster child for investor enthusiasm in AI, which accelerated with OpenAI’s release of ChatGPT in late 2022.
The stock is up over 140% this year and 200% over the last year; Nvidia shares have gained more than 3,300% in the last five years. Over those same periods, the Nasdaq has gained a more modest 14%, 29%, and 126%, respectively.
Nvidia is the tech industry’s go-to supplier for AI chips and integrated software.
Tech behemoths, including Amazon, Google, Meta, Microsoft, Tesla, and others, use its hardware to power everything from their cloud-based AI offerings for customers to their own AI models and services.
Nvidia also announced that its stock would undergo a 10-for-1 split on June 7, and the company will raise its dividend from $0.04 per share to $0.10 per share.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Take: Apple today also rose modestly, regaining entry into the $3 trillion club it established on January 3, 2022
The Top 3 market values:
- Microsoft: $3.151 trillion
- Nvidia: $3.012 trillion
- Apple: $3.003 trillion
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Nvidia surpasses $3 trillion market cap, overtakes Apple as world’s second-most-valuable company appeared first on MacDailyNews.
