{"id":42065,"date":"2024-06-07T07:42:52","date_gmt":"2024-06-07T07:42:52","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/chipmaker-nvidias-market-cap-passes-3-trillion-overtakes-apple-as-2nd-most-valuable-company-in-us-2"},"modified":"2024-06-07T09:27:51","modified_gmt":"2024-06-07T09:27:51","slug":"chipmaker-nvidias-market-cap-passes-3-trillion-overtakes-apple-as-2nd-most-valuable-company-in-us-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/chipmaker-nvidias-market-cap-passes-3-trillion-overtakes-apple-as-2nd-most-valuable-company-in-us-2","title":{"rendered":"Chipmaker Nvidia’s market cap passes $3 trillion, overtakes Apple as 2nd most valuable company in US"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Nvidia’s market cap passed the $3 trillion mark Wednesday and has overtaken Apple as the second most valuable company in the US by the closing bell on Wall Street.<\/p>\n

The California-based chipmaker\u2019s stock price hit an all-time high of $1,223.59 at 3.15 p.m. EDT, giving it a market capitalization of $3.01 trillion. With that feat, Nvidia has become the third company in the US to hit that milestone after Apple and Microsoft, respectively.<\/p>\n

Apple’s stock price was trading around $195.95 at that time, with a market cap of $3.004 trillion.<\/p>\n

At Wednesday’s final bell at 4 p.m. EDT, Nvidia’s stock price closed at a new record-high of $1,224.40 for a 5.16% daily gain, and the firm’s market value stood at $3.01 trillion.<\/p>\n

At the end of the session, Apple’s stock was $195.87 for a daily gain of 0.78%.<\/p>\n

Apple became the first company in the US that saw its market value hit the $2 trillion mark, but it has been trailing Microsoft, which had a $3.15 trillion market value at the close Wednesday.<\/p>\n

Nvidia’s shares soared 12% on May 23 after reporting record revenue of $26 billion in the first quarter that ended April 28 — up 262% from almost $7.2 billion in the same period last year.<\/p>\n

The chipmaker also saw record quarterly data center revenue of $22.6 billion, which soared 427% from the same period in 2023; while net income jumped a massive 628% to almost $14.9 billion in the first quarter from approximately $2 billion in the same period last year.<\/p>\n

Nvidia’s record-breaking feats come as demand for artificial intelligence (AI) is booming globally and the company is increasing collaborations with major tech companies.<\/p>\n

The firm announced May 21 new AI performance optimizations and integrations for Microsoft’s Windows operating system that help deliver maximum performance.<\/p>\n

Microsoft, meanwhile, backs American AI company OpenAI, which unveiled last month its latest model, named GPT-4o, which is much faster compared to previous models.<\/p>\n

Nvidia’s shares have gained 147% since the beginning of 2024, after closing 2023 at $495.22.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Nvidia’s market cap passed the $3 trillion mark Wednesday and has overtaken Apple as the second most valuable company in the US by the closing bell on Wall Street. The California-based chipmaker\u2019s stock price hit an all-time high of $1,223.59 at 3.15 p.m. EDT, giving it a market capitalization of $3.01 trillion. 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