The ongoing artificial intelligence boom has catapulted Nvidia's market valuation to a staggering $3.01 trillion as mega-cap tech companies like Meta

Nvidia surpasses Apple to become the 2nd most valuable company in the world

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2024-06-05 19:30:05

The ongoing artificial intelligence boom has catapulted Nvidia's market valuation to a staggering $3.01 trillion as mega-cap tech companies like Meta Platforms, Alphabet, Amazon, and Microsoft rush to buy the company's supply-constrained AI-enabling GPU chips.

Nvidia's valuation was just above $950 billion a year-ago and was about $400 billion in November 2022 when OpenAI first released ChatGPT to the public.

Apple stock, while trading near record highs, has stagnated over the past year as investors wait to see what the iPhone maker's AI strategy is.

Apple held a market valuation of $3.00 trillion as of Wednesday afternoon, or about $12 billion below Nvidia's current valuation.

With Apple surpassed, Nvidia is behind only Microsoft, which is the world's most valuable company with a market capitalization of $3.15 trillion.

With the AI boom powering much of the stock market higher, it's no surprise that the company most responsible for powering the AI boom has turned into one of the world's most valuable companies.