Home Science Technology Nvidia Overtakes Microsoft to Become World’s Most Valuable Public Company

Nvidia Overtakes Microsoft to Become World’s Most Valuable Public Company

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Nvidia
Nvidia

On Tuesday, Nvidia’s market capitalization closed at approximately $3.34 trillion, narrowly surpassing Microsoft’s $3.32 trillion valuation. Apple follows closely with a market cap of $3.27 trillion.

Nvidia’s shares rose by 3.5% on Tuesday, while Microsoft shares dipped by 0.5% and Apple shares fell by 1.1%. Earlier this month, Nvidia joined the ranks of tech giants as one of the few US companies to exceed a $3 trillion market cap.

The chipmaker’s stock has surged over the past 18 months, driven by its dominant position in producing processors essential for artificial intelligence systems, including generative AI technologies like OpenAI’s ChatGPT, which can create text, images, and other media.

Nvidia leads the “Magnificent Seven” stocks, a group of tech giants that have significantly boosted the stock market’s returns amid the AI boom on Wall Street. The company’s stock has soared approximately 174% this year, making it the best performer in the S&P 500 index for 2023.

The leadership of CEO Jensen Huang has propelled Nvidia to this milestone, marking a significant shift in the competitive landscape among the most prominent tech companies. Just last month, Apple briefly reclaimed its position as the most valuable US company following announcements at its annual Worldwide Developers Conference, which included new generative AI features for the iPhone. However, Apple’s market cap slipped below Microsoft’s shortly thereafter.

Nvidia recently completed a 10-for-1 stock split on June 7 and reported a record-breaking quarter last month, with a 262% increase in revenue and a 462% rise in profits year-over-year. This remarkable performance underscores Nvidia’s pivotal role in the rapidly growing AI industry.

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