Nvidia Surpasses Apple to Become Second Most Valuable Company Globally
Nvidia briefly crosses a $3 trillion market valuation, overtaking Apple to claim the spot as the world's second-largest public company behind Microsoft. The massive milestone reflects insatiable corporate demand for its AI training chips.
Nvidia briefly surpasses a $3 trillion market capitalization for the first time, overtaking Apple to become the second-largest public company globally behind Microsoft. The chipmaker's stock rises 5% to close at $1,224.40 as investors eagerly buy into the company driving the generative artificial intelligence boom. This historic valuation milestone follows a staggering 3,224% stock surge over the past five years.
The rapid climb from $2 trillion to $3 trillion takes only about three months, fueled by explosive demand for Nvidia's powerful graphics processing units. Tech giants like Google, Microsoft, Meta, Amazon, and OpenAI spend billions of dollars on these essential chips to develop and deploy large AI models. Recent first-quarter earnings highlight this relentless growth, showing overall sales of $26 billion which is more than triple the revenue generated a year ago.
Looking ahead, Nvidia prepares for a 10-for-1 stock split later this month as it projects approximately $28 billion in revenue for the current quarter. The company continues to beat Wall Street expectations and shows no signs of a slowdown in GPU sales. Founded in 1993, Nvidia now stands at the absolute center of the tech industry's massive infrastructure buildout for artificial intelligence.