Nvidia surpassed Apple to become the second largest public company in the United States

Just a few days ago, the community of investors and trading experts on the US stock market wondered whether Nvidia's market capitalization could eventually surpass Apple's.

Today, the big answer came sooner than many people expected. According to CNBC's latest report, Nvidia's market capitalization officially surpassed Apple's at the end of the day's trading session, making the graphics chip maker the second most valuable public company in the US. , just behind Microsoft.

Accordingly, the increase of 5.16% to 1,224.40 USD per share in yesterday's trading session pulled Nvidia's market capitalization to 3.019 trillion USD, officially surpassing the milestone of 3,000 billion USD. been waiting all this time. Meanwhile, Apple's market capitalization after ending the trading session on June 5 was at 2.990 trillion USD, falling to third place. The last time Nvidia's capitalization was higher than Apple's was in 2002, about 5 years before the first iPhone launched. At the time, both companies were worth less than $10 billion.

Microsoft has a market capitalization of 3.15 trillion USD, still the largest public company in the United States. However, with Nvidia's rapid growth momentum and the explosive development trend that shows no signs of cooling down in the global AI hardware market, the prospect of giant Redmond being overtaken is entirely possible. .

Nvidia surpassed Apple to become the second largest public company in the United States Picture 1 Nvidia surpassed Apple to become the second largest public company in the United States Picture 1

Apple's stock value has only increased about 5% this year as sales growth has stagnated for several months. Apple said iPhone sales decreased by 10% over the same period in 2023.

Meanwhile, Nvidia's stock price has skyrocketed 24% since it released its latest quarterly financial numbers just a few weeks ago, on May 22. Nvidia's revenue for the first quarter of this year reached 26 billion USD, far exceeding the level of 7.19 billion USD in the same period in 2023. According to predictions from experts, Nvidia could even reach a revenue of 28 billion USD in the current quarter, which will end at the end of July .

The growth momentum in Nvidia's stock value has also helped CEO Jensen Huang's wealth exceed more than $107 billion, according to Bloomberg.

Overall, Nvidia's strong stock market growth is largely driven by demand for AI GPUs that are powering the AI data centers that serve Microsoft's Copilot, OpenAI's ChatGPT, and OpenAI's ChatGPT platforms. many other general AI models. At Computex 2024 this week, Nvidia revealed a new AI GPU architecture, codenamed Rubin, expected to launch sometime in 2025.

In the latest quarter, revenue from the data center segment, which includes GPUs, increased 427% from a year ago to $22.6 billion, contributing nearly 86% of Nvidia's total sales.