Nvidia overtakes Apple and ranks No. 2 as the most valuable company

Sanjana Dhar
Sanjana Dhar June 6, 2024
Updated 2024/06/06 at 10:34 AM

Nvidia overtakes Apple and ranks No. 2 as the most valuable company. Nvidia’s market value has increased significantly thus making it the second most valuable company in the world.

The artificial intelligence chip maker recorded height s on Wednesday when the valuation of the company breached the three dollar trillion mark. This is how the company overtook Apple and is now the second most valuable company in the world. Nvidia is reportedly preparing to get its stock split then for one which will be effective on June 7. This will ultimately increase the appeal of the company to its individual investors. This search in the market value above that of Apple marks a significant shift in Silicon Valley. The silicon valley has been dominated by Steve jobs since it has launched the iPhone in 2007.

The NVIDIA logo is being displayed on a smart phone, with an NVIDIA chip visible in the background, in this photo illustration taken in Brussels, Belgium, on December 30, 2023. (Photo by Jonathan Raa/NurPhoto via Getty Images)

Nvidia’s stock rose 5.2% to end the day at $1,224.40, valuing the company at $3.012 trillion. Apple’s market capitalization was last at $3.003 trillion after its stock climbed 0.8%. When it comes to the most valuable company of the world, the spot is occupied by Microsoft, the company based in Redmond, Washington. At $3.15 trillion after its shares climbed 1.9%, Microsoft is still the world’s most valuable company.

According to Jake Dollarhide, the Chief Executive Officer at Longbow Asset Management, “Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.” He added “It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There’s a lot of retail money that’s piling in on what they see as a straight shot up.”


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