Nvidia Overtakes Apple, Emerging as the Second-Largest Public Company in the U.S.
NEW YORK—Nvidia, the darling of Wall Street’s artificial intelligence buzz, is climbing to unprecedented heights.
The AI chipmaker’s market capitalization skyrocketed to an astounding $3.019 trillion on Wednesday, surpassing Apple’s $2.99 trillion market cap. This remarkable growth makes Nvidia the second-largest publicly traded company in the United States, trailing only behind Microsoft, which holds a market cap of $3.15 trillion. This milestone places Nvidia in esteemed company, becoming one of only three U.S. companies to have ever crossed the $3 trillion mark, alongside Apple and Microsoft.
Nvidia, headquartered in Santa Clara, saw its shares surge by 5.2% to approximately $1,224.4 per share, while Apple’s stock closed the session with a modest 0.8% increase at $196. On Wednesday, this phenomenal performance also contributed to record highs for both the S&P 500 and the tech-heavy Nasdaq indexes.
Dominating the AI market, Nvidia’s stock value has increased by 147% this year, following a staggering 239% rise in 2023. In contrast, Apple’s shares have risen by only 1.7% year-to-date.
Earlier this week, Nvidia’s CEO, Jensen Huang, announced the anticipated rollout of the company’s most advanced AI chip platform, Rubin, slated for 2026. The Rubin platform is set to succeed the Blackwell, renowned as the “world’s most powerful chip” when it was unveiled in March. Blackwell currently supplies chips for data centers.Nvidia has officially surpassed Apple to become the second-largest publicly traded company in the U.S., boasting a market capitalization of $3.019 trillion. This surge highlights Nvidia’s dominant position in the AI chip market, which has fueled a meteoric 147% rise in its stock this year. With the upcoming launch of its advanced AI chip platform, Rubin, in 2026 and controlling 70% of the AI semiconductor market, Nvidia is poised for continued growth and innovation. Key insights reveal Nvidia’s pivotal role in the tech sector’s future and its potential to become the leading company in the industry.
Nvidia controls approximately 70% of the AI semiconductor market, and analysts predict continued growth. Angelo Zino, senior equity analyst at CFRA Research, stated, “As we look ahead, we believe Nvidia is on the path to becoming the most valuable company, given the myriad of ways it can monetize AI and its expansive market opportunity across the Tech sector.”
Key Takeaways:
- Nvidia’s Market Cap: $3.019 trillion, surpassing Apple.
- Ranking: Second-largest public company in the U.S.
- Stock Performance: Nvidia is up 147% in 2024; Apple is up 1.7% year-to-date.
- Future Plans: Launch of the Rubin AI chip platform in 2026.
- Market Dominance: Controls 70% of the AI semiconductor market.
Nvidia’s exponential growth and strategic advancements signal a transformative era in AI technology and its monetization potential. This positions Nvidia prominently in the race for technological supremacy and makes it a key player to watch in the stock market.
