Nvidia has officially surpassed Apple for the second most valuable company in the world.
Now just below Microsoft’s $3.151 trillion market cap, at $3.011 trillion, Nvidia edged past Apple’s $3.003 trillion market cap after reporting $14 billion in profit.
With a share price of $1,205.50, the NVDA stock has been on a consistent rise with the proliferation of artificial intelligence and the demand for its artificial intelligence-specific chips. Adding to this market cap increase is the increase in demand spurred on by Nvidia’s choice to now split the stock.
This decision will give investors a more approachable share price, after all the stock was trading at roughly $455 just six months ago. This split will take place on June 7 and will increase the quantity of shares by 10 thus reducing the price by the same factor. Nvidia has also hit numerous strides first with the influx in gaming during the global pandemic and then with the surge in demand for its GPUs thanks to crypto mining.
As AI tech continues to develop and be used for wider applications, we may see Nvidia‘s market cap surpass Microsoft in the near future to claim the title of most valuable company in the world.
In other tech news, could the new OpenAI x Reddit deal make ChatGPT the king of GenAI chatbots?
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Written by
Ambrose Leung
Editor-in-Chief, Lifestyle Asia Hong Kong
Always on a journey to expand his knowledge, Ambrose is a blend of old-school charm and modern curiosity.
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