Nvidia Surges to New Record Highs, Overtaking Apple as Second Most Valuable Company in the World”.

On Wednesday, Nvidia’s stock reached new record highs, surpassing Apple to become the second most valuable company in the world with a market valuation of $3tn. The chipmaker’s shares increased by 5.16% to $1,224.40, while Apple’s market capitalization remained at $3.00tn as its stock rose just 0.78%. This surge in Nvidia’s market value coincided with its upcoming 10-for-one stock split on June 7th, a move that is expected to make the company more attractive to individual investors.

The rise of Nvidia above Apple highlights the shifting landscape in Silicon Valley, as companies like Microsoft and Meta Platforms continue to invest heavily in artificial intelligence (AI) computing capabilities. Nvidia’s success comes at a time when demand for its cutting-edge processors is exceeding supply, and its CEO Jensen Huang has been garnering attention during his visit to the Computex tech trade fair in Taipei. In contrast, Apple is facing challenges with weak iPhone demand and tough competition in the Chinese market, causing some investors to question the company’s ability to keep up with the pace of technological innovation.

Overall, Nvidia’s success highlights the growing importance of AI technology and its impact on the stock market. As more companies invest in AI computing capabilities, it is likely that we will see more fluctuations in chip stocks like Nvidia and Super Micro Computer, which sell servers featuring Nvidia chips. While Apple may face obstacles in maintaining its position among the top technology companies, it is clear that AI technology will continue to be a driving force behind much of their success moving forward.