Nvidia’s market capitalisation surpassed the $3 trillion mark in a feat that places the AI chipmaking powerhouse as the world’s second most valuable company, surpassing Apple for the first time.
The company has experienced rapid growth in the past year, in particular as early bets around chips to power AI models began to pay off, taking it to a value of $2 trillion in February.
With its share price surging 5 per cent yesterday (5 June), it ended the day at $3.01 trillion, marginally ahead of Apple at $3 trillion.
Notably, Apple lost its position as the world’s most valuable company to Microsoft earlier this year, also largely due to the latter’s AI push and partnership with trailblazer OpenAI.
Nvidia could expect a further surge after instigating a stock split, which will increase the number of shares bought by a factor of ten while reducing their value, enabling smaller investors to get involved.
The move will go into effect tomorrow (7 June).
Before the AI boom, the company founded in 1993 was best-known for producing computer chips which process graphics for gaming.
CEO Jensen Huang has said AI models will lead to a new “industrial revolution” and transform global businesses.
The company reported revenue of $26 billion in Q1, up 262 per cent year-on-year.
The post Nvidia leaves Apple behind as market cap passes $3T appeared first on Mobile World Live.
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