Nvidia, a leading company in the world of artificial intelligence, has surpassed Microsoft to become the most valuable company in the world. With a market capitalization of approximately $3.34 trillion, Nvidia has overtaken Microsoft, whose value stands at $3.32 trillion. Apple follows closely behind as the third most valuable company in the US with a market cap of $3.27 trillion.
On Tuesday, Nvidia’s shares closed 3.5% higher, while Microsoft’s shares fell 0.5% and Apple’s shares lost 1.1%. Nvidia has been on a successful streak over the past year and a half, with its stock continuously rising. The company’s chips are especially valued for powering artificial intelligence systems, such as generative AI technology, which is used in products like OpenAI’s ChatGPT for creating text, images, and other media.
Nvidia is part of the tech giants known as the Magnificent Seven, which have been driving stock market returns since the artificial intelligence trend took over Wall Street. The company’s stock has soared by approximately 174% in the year and was the best performer in the S&P 500 index in 2023.
Apple briefly held the position of the most valuable company in the US on June 13, following announcements made at its annual Worldwide Developers Conference. However, Nvidia taking over pushed Apple’s market cap back below Microsoft’s just a day later. Recently completing a 10-for-1 stock split on June 7, Nvidia continues to make headlines with its impressive financial results
