Wall Street’s favorite artificial intelligence darling, Nvidia, is still rising to incredible heights.
The market capitalization of the AI chipmaker increased to $3.019 trillion on Wednesday, marginally surpassing Apple’s $2.99 trillion market cap and placing it second in terms of US publicly traded companies, trailing only Microsoft’s $3.15 trillion market cap.
After Apple and Microsoft, Nvidia is now the third US business to reach the $3 trillion milestone.
The Santa Clara, California-based chipmaker’s shares increased 5.2% to roughly $1,224.4 per share, while Apple’s shares finished the day up 0.8% at $196.
The tech-heavy Nasdaq and S&P 500 indices saw a boost on Wednesday as well, closing at all-time highs thanks to those advances. The AI frenzy that has taken over Wall Street this year has benefited Nvidia (NVDA) the most; the stock has increased 147% so far this year after surging 239% in 2023.
In contrast, Apple’s stock has increased by roughly 1.7% so far this year. The CEO of Nvidia, Jensen Huang, announced earlier this week that Rubin, the company’s most sophisticated AI chip platform, will launch in 2026. The Blackwell platform, which provides chips for data centers and was first revealed in March, will be replaced by the Rubin platform. At the time, Nvidia referred to it as the “world’s most powerful chip.”
Approximately 70% of AI semiconductor sales are made by Nvidia, and some analysts believe the stock still has room to rise. Angelo Zino, senior equity analyst at CFRA Research, stated in a note on Wednesday night that “as we look ahead, we think NVDA is on pace to become the most valuable company, given the plethora of ways it can monetize AI and our belief that it has the largest addressable market expansion opportunity across the Tech sector.”
The company’s shares will soon be more reasonably priced. Last month, Nvidia announced a 10-for-1 stock split, enabling private investors to purchase shares in the rapidly growing semiconductor business. On June 10, the post-split shares will go on sale at market open.
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