Nvidia, the chipmaking giant, has surged past Apple to become the second most valuable company in the world, according to market capitalization data. Nvidia’s market cap reached a staggering $3.01 trillion, surpassing Apple’s $3 trillion mark.
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This meteoric rise is attributed in large part to Nvidia’s dominance in the AI race. Their flagship H100 chip has fuelled this growth, propelling Nvidia to become a $1 trillion company in May 2023. This momentum continued, surpassing the $2 trillion mark in February 2024, eclipsing both Amazon and Alphabet in the process.
Fuelled by record sales, Nvidia reported a monumental $14 billion in profit in May. This impressive performance leaves them trailing only Microsoft, the current leader with a market cap of $3.15 trillion. Despite a share price exceeding $1,220, Nvidia plans to execute a stock split on June 7th, making shares more accessible to investors. Nvidia’s AI accelerators reign supreme, holding a market share dominance between 70% and 95% according to CNBC. This leadership position is further solidified by their commitment to annual AI chip releases, with the Blackwell B200 GPU expected later this year. With this aggressive innovation strategy, Nvidia appears poised to maintain its position at the forefront of the AI revolution.
