Nvidia becomes world’s most valuable company

by Julia Shapero - 06/18/24 5:03 PM ET

Two people engage at the Nvidia booth at a trade show. — Manu Fernandez, Associated Press file
People gather in the Nvidia booth at the Mobile World Congress mobile phone trade show, Feb. 27, 2014, in Barcelona, Spain. Nvidia joined the exclusive club of companies with a $3 trillion market capitalization, June 5, 2024, as the chipmaker benefits from the growing use of artificial intelligence. Nvidia Corp. joins companies Apple and Microsoft in the $3 trillion club.

Nvidia has surpassed Microsoft to become the world’s most valuable company.

The chipmaker’s market capitalization rose to $3.34 trillion on Tuesday, just eclipsing Microsoft, which is valued at $3.32 trillion.

The latest milestone for Nvidia comes less than two weeks after it crossed the $3 trillion mark for the first time and surpassed Apple as the world’s second-most valuable company.

The company, whose graphics processing units (GPUs) are central to powering tech firms’ highly popular artificial intelligence (AI) models, has seen a rapid rise, crossing $1 trillion for the first time just more than a year ago and $2 trillion nearly four months ago.

Shares in Nvidia, which are up 180 percent since the start of the year, closed at $135.58 on Tuesday. The chipmaker split its stock last week, cutting its share price by 10 and bringing its stock back within reach of more investors.

The S&P 500 climbed 0.25 percent and the Nasdaq Composite rose 0.029 percent on Tuesday, both reaching record highs. The Dow Jones Industrial Average also ticked up 56.76 points, or 0.15 percent.

Tags artificial intellgience NVIDIA