In a surge fueled by investor enthusiasm for artificial intelligence (AI), chipmaker Nvidia is on the cusp of surpassing Apple to become the world’s second-most valuable company.
On Wednesday, Nvidia’s stock price reached record highs, pushing its market valuation towards the coveted $3 trillion mark.
This impressive feat comes just ahead of a planned 10-for-1 stock split on June 7th, making shares more affordable for individual investors and potentially attracting further investment.
Nvidia’s stock has skyrocketed 145% so far in 2024.
This surge reflects the booming demand for its high-performance processors, which are critical components in powering AI development.
Tech giants like Microsoft, Meta Platforms, and Google (owned by Alphabet) are all heavily invested in building their AI capabilities, leading to a fierce competition for Nvidia’s chips.
As of Wednesday’s close, Nvidia’s stock price sat at $1,212.89, translating to a market valuation of $2.98 trillion. Its closest competitor, Apple, currently holds the number two spot with a market cap of $3.01 trillion. Microsoft retains the top spot with a valuation of $3.14 trillion.
