ALBAWABA - The total market value of Nvidia surpassed $3 trillion for the very first time ever, according to Yahoo, as a result of the company's shares hitting a record high of $1,224.40 on Wednesday, when they soared by more than 5%.
The increase in the stock price propelled Nvidia to the position of second-most valuable company on United States stock exchange, surpassing Apple, with Microsoft leading the top spot.
At the conclusion of the day, the stock of Nvidia had increased by 5.2%, resulting in a value of $3.012 trillion. Following a 0.8% increase in its stock price, Apple's market capitalization was most recently recorded at $3.003 trillion. Microsoft, continued to be the most valuable business in the world, with a value of $3.15 trillion, as its shares increased by 1.9%, as reported by Reuters.
Interest for Nvidia's top-tier processors is far outweighing supply as Microsoft, Meta, and Alphabet, the company that owns Google, compete for supremacy in the rapidly developing AI technology. As a result, Nvidia's stock has risen 147% so far in 2024 and nearly 30% since the company released its most recent projected earnings on May 22.
The Nvidia surge this week comes after the CEO, Jensen Huang, made a statement on Sunday at the COMPUTEX 2024 industry conference that the tech giant would introduce a new AI chip platform, Rubin, in 2026 and a more powerful Blackwell chip, known as the Blackwell Ultra, in 2025, with an Ultra version of Rubin following in 2027.
