Nvidia has overtaken Apple to become the world’s second most valuable company, boasting a market capitalization of $3.01 trillion. This puts Nvidia just behind Microsoft, which currently holds the top spot with a market cap of $3.15 trillion.
The remarkable rise in Nvidia’s market value is primarily attributed to its dominant position in the artificial intelligence (AI) sector. Nvidia’s flagship H100 chip has been instrumental in securing a leading position in the AI chip market, where the company’s AI accelerators hold between 70 to 95 percent of the market share.
This dominance has driven a significant demand for Nvidia’s products, boosting its financial performance. In May 2023, Nvidia reported a profit of $14 billion, underscoring its innovative advances in the tech industry. The company plans to sustain this momentum by launching a new AI chip annually, starting with the forthcoming Blackwell B200 GPU expected later this year.
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Nvidia first reached a $1 trillion market cap in May 2023, surpassed $2 trillion in February 2024, and has now crossed the $3 trillion threshold. This rapid ascent highlights the expanding importance and integration of AI technologies across various industries.
The company’s stock has also seen exceptional performance, closing at an all-time high of $1,224.40 per share. To make the stock more accessible to a broader range of investors, Nvidia plans to execute a 10-for-1 stock split, with shares being distributed after the close of trading on June 7th and trading post-split beginning on June 10th.
Nvidia CEO Jensen Huang has been a pivotal figure in the company’s success. His presentations at Computex 2024 in Taipei emphasized the transformative potential of AI and Nvidia’s commitment to innovation. Huang outlined a vision where AI fundamentally alters information generation and utilization, reshaping traditional computing methods that have been in place for decades.
Huang has also been forging strategic partnerships with other tech giants, such as Taiwan Semiconductor Manufacturing Company (TSMC), to advance Nvidia’s technological capabilities.
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