Nvidia surpasses Microsoft to become world's most valuable company
- In Reports
- 02:13 PM, Jun 19, 2024
- Myind Staff
Nvidia has clinched the title of the world's most valuable publicly traded company, propelled by a 3.4 percent surge in its shares that has pushed its market capitalization to approximately $3.3 trillion. Led by Jensen Huang, the AI company has now surpassed both Microsoft and Apple in market value.
Earlier this month, Nvidia briefly edged out Apple to claim the top position in market capitalisation, marking the first time since 2002 that Nvidia has achieved this feat. Over recent days, Nvidia and Apple have exchanged positions at the top of the rankings, with Apple having briefly overtaken Microsoft last week.
Nvidia's stock has surged approximately 173% year-to-date, outpacing Microsoft, which has experienced a more modest rise of about 19% in its shares. This trend reflects a broader competition among tech giants such as Microsoft, Meta Platforms, and Alphabet (Google's parent company) to expand their capabilities in AI computing and solidify their dominance in the technology sector.
The surge in Nvidia shares propelled the stock to a record high, boosting the company's market capitalisation by over $103 billion on Tuesday alone. Nvidia's market value had previously grown from $1 trillion to $2 trillion in just nine months by February, and it reached $3 trillion in June in a span of slightly over three months.
According to Sam North, a market analyst at investment platform eToro, reported by news agency Reuters, "A stock split can reduce the price per share, making it more accessible for individual investors. With Nvidia opting for a 10:1 stock split, retail investors stand to benefit significantly."
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Image source: Reuters
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