Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Business

Nvidia passes Apple in market cap as second-most valuable public U.S. company

by June 6, 2024
June 6, 2024
Nvidia passes Apple in market cap as second-most valuable public U.S. company

Nvidia passed Apple in market cap on Wednesday as investors continue betting on the chipmaker behind the artificial intelligence boom. It is now the second-most valuable public company, behind Microsoft.

Nvidia also hit a $3 trillion market cap milestone on Wednesday after shares rose over 5%. At market close, Nvidia had a market value of $3.019 trillion, versus Apple’s, which stood at $2.99 trillion. Microsoft is the most valuable publicly traded company, with a market cap of $3.15 trillion, as of Wednesday.

Nvidia shares have risen more than 24% since the company reported first-quarter earnings in May and have been on a tear since last year. The company has an estimated 80% market share in AI chips for data centers, which are attracting billions of dollars in spending from big cloud vendors.

Investors are also becoming more comfortable that Nvidia’s huge growth in sales to a handful of cloud companies can persist. For the most recent quarter, revenue in its data center business, which includes its GPU sales, rose 427% from a year earlier to $22.6 billion, about 86% of the company’s overall sales.

Meanwhile, Apple shares are up only about 5% this year, as the iPhone maker’s sales growth has stalled in recent months. In its most recent quarterly earnings report, Apple said overall sales dropped 4% and iPhone sales fell 10% from the year-ago period. Apple faces strategic questions and issues about demand in China, manufacturing and mixed reactions to its new virtual reality headset, Vision Pro.

Apple was the first company to reach a $1 trillion and $2 trillion market cap. It long held the title of most valuable U.S. company but was passed by Microsoft earlier this year. Microsoft has also benefited from investor demand for AI infrastructure.

Nvidia has been more volatile as a stock than Apple. Founded in 1991, the company was primarily targeting gaming, selling hardware to play 3D computer games. More recently, it sold cryptocurrency mining chips and cloud subscription services.

Nvidia shares have gone parabolic as its AI business has developed, rising more than 3,290% over the past five years. The company announced a 10-for-1 stock split in May.

This post appeared first on NBC NEWS
previous post
3 Keys to Finding the Strongest Trends
next post
Big Mac battle: McDonald’s loses burger trademark for E.U. in battle with Irish rival

Related Posts

Dave & Buster’s to let players bet against...

May 2, 2024

Plummeting stock, boycotts and flagging sales: What’s fueling turmoil for Tesla?

March 18, 2025

Elon Musk’s Neuralink raises $650 million in fresh...

June 3, 2025

S&P 500 closes above 5,600 for the first...

July 11, 2024

RTX, GE Aerospace expect more than $1 billion...

April 22, 2025

Hermès to hike U.S. prices for iconic bags...

April 18, 2025

Boeing to plead guilty to criminal fraud charge...

July 8, 2024

JPMorgan Chase posts record profit as the bank’s...

January 16, 2025

Walmart says it’s ‘not going to be completely...

February 20, 2025

AI that can match humans at any task...

March 18, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Latest News

    • Israeli official vows ‘We have more surprises coming up’ for Iran following wave of airstrikes

      June 14, 2025
    • ‘All-in’: GOP lawmakers divided on US involvement as Trump pushes Iran for diplomatic end

      June 14, 2025
    • Democratic lawmakers criticize Israel’s defensive strikes against Iran’s nuclear sites

      June 13, 2025
    • Israel’s drone strikes in Iran show why US must halt China’s land grab here: experts

      June 13, 2025
    • Biden-appointed judge thwarts Trump’s attempt to clean house at consumer safety agency

      June 13, 2025
    • Nearly half of Americans back Israeli airstrikes on Iran, poll shows

      June 13, 2025

    Categories

    • Business (1,261)
    • Politics (5,975)
    • Stocks (904)
    • World News (457)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 insidersadvisor.com | All Rights Reserved