Wednesday, July 24, 2024

Nvidia is now world’s most valuable company passing Microsoft in market cap


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Nvidia become the world’s most valuable publicly traded company as the shares of the AI company jumped 3.4 percent, giving it a market capitalization of about $3.3 trillion. With this, the Jensen Huang- led company is now ahead of Microsoft and Apple. Earlier this month, Nvidia capped Apple by market value for the first time since 2002. The two have gone back and forth in rankings in recent days and last week Apple overtook Microsoft to trade in the top spot briefly.

Nvidia CEO Jensen Huang present NVIDIA Blackwell platform at an event ahead of the COMPUTEX forum, in Taipei, Taiwan.(Reuters)
Nvidia CEO Jensen Huang present NVIDIA Blackwell platform at an event ahead of the COMPUTEX forum, in Taipei, Taiwan.(Reuters)

Nvidia’s stock surged about 173% so far this year. In comparison, Microsoft has seen a rise of about 19% in its shares. This comes as tech giants Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the technology.

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Surge in Nvidia shares pushed the stock to a record high as the company added over $103 billion to its market capitalization on Tuesday itself. The company’s market value has expanded from $1 trillion to $2 trillion in just nine months in February. Nvidia took just over three months to hit $3 trillion in June.

Sam North, market analyst at investment platform eToro, said as per news agency Reuters, “A stock split can reduce the price per share, making it more affordable for individual investors to buy. With Nvidia doing a 10:1 stock split, retail investors are the real winners here.”


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