On June 5, 2024, Nvidia overtook Apple in market value, becoming the second most valuable company globally. Nvidia’s market capitalization reached an impressive $3.011 trillion, surpassing Apple’s $3.003 trillion.
This milestone was driven by a 5% surge in Nvidia’s stock price, hitting a historic high of $1224. Nvidia’s growth in 2024 saw a remarkable 147% increase in stock value, largely due to the rising demand for AI chips.
Historically, the last time Nvidia surpassed Apple’s market value was in 2002. The recent stock surge is likely due to Nvidia’s upcoming 10-for-1 stock split, making its shares more accessible to retail investors.
In May 2024, Nvidia reported a record quarterly revenue of $26.04 billion, marking an 18% increase from the previous quarter and a 262% rise year-over-year. This underscores Nvidia’s strong market position and its significant role in the tech industry.
Nvidia’s unprecedented market capitalization highlights the growing importance of AI technologies. As Nvidia continues to innovate, its influence on the tech landscape is set to expand, leading to new opportunities and advancements.
