Nvidia moves past Microsoft, and Apple as world’s most valuable company
Today marks the culmination of Nvidia’s meteoric ascent through the ranks of the biggest American corporations, as the world’s most valuable company Nvidia’s shares (NVDA) are up 3.6% on Tuesday afternoon, putting the business on pace to overtake Microsoft Corp. (MSFT) and take the top spot as the largest U.S. corporation by market value. Based on intraday activity, Nvidia has a $3.34 trillion market cap, Microsoft posts a $3.32 trillion market valuation, and Apple, with a $3.28 trillion market capitalization, comes in third place. Nvidia is poised to become just the sixth company—since 2001—to end a session leading the pack.
As the leader of the massive Magnificent Seven tech stocks, Nvidia has been responsible for a significant part of the U.S. stock market’s gains since Wall Street was taken over by the artificial intelligence craze last year. The company’s stock was the top performer in the S&P 500 index in 2023, with a gain of about 175% for the year.
The business run by Jensen Huang overthrew Microsoft, and this is happening as the most well-known IT companies on Wall Street compete for the number one spot. With the revelation of generative AI features for the iPhone at its annual Worldwide Developers Conference, which sent the stock skyrocketing on June 13, Apple became the most valuable US corporation. Within a day, the market valuation of the iPhone maker fell below that of Microsoft once more.
Nvidia performed a 10-for-1 stock split on June 10, amplifying its attraction among retail investors. The semiconductor manufacturer said last month that its Q4 was once again a blockbuster, with earnings up 462% and revenue up 262% year over year
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