Nvidia hits $3tn and surpasses Apple as world’s second most valuable company

AI chipmaker’s stock has surged 147% so far in 2024, underscoring shift in tech world as demand for its processors far outstrip supply

Shares of Nvidia rallied to record highs on Wednesday, with the artificial-intelligence chipmaker’s stock market valuation hitting the $3tn mark and overtaking Apple to become the world’s second most valuable company.

The chipmaker’s stock was up 5.16% at $1,224.40, giving Nvidia a market value of $3.01tn at market close. Apple’s market capitalization was at $3.00tn at market close as its stock climbed 0.78%.

The latest rally for Nvidia comes as it prepares to split its stock 10-for-one, effective on 7 June, a move that could increase its appeal to individual investors.

The surge in Nvidia’s stock market value above Apple’s underscores a shift in Silicon Valley, where the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.

Microsoft, based in Redmond, Washington, remains the world’s most valuable company with a market value of $3.14tn as its shares climbed slightly the same day, the only other company to reach such a stratospheric valuation.

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