On June 5, 2024, Nvidia’s market capitalization hits $3 trillion, overtaking Apple to become the world’s second most valuable company. The surge is attributed to high demand for its AI processors, leading to a 147% increase in stocks in 2024. Nvidia’s CEO Jensen Huang, born in Taipei, has been in the spotlight as the tech giant plans a 10-for-one stock split to make shares more accessible.
On June 5, 2024, Nvidia’s market capitalization reached a milestone of $3 trillion, surpassing Apple to become the world’s second most valuable company. Nvidia’s stock surged by 5.16% to close at $1,224.40 per share, boosting its valuation to $3.01 trillion. In comparison, Apple’s market capitalization was slightly lower at $3.00 trillion, despite a 0.78% increase in its share price.
Nvidia’s rise can be attributed to a significant demand for its AI processors, which are in high demand among tech giants like Microsoft, Meta Platforms, and Alphabet as they build out AI computing capabilities. Nvidia’s stocks have increased by 147% in 2024 alone, reflecting broad investor confidence in the company’s growth potential in the AI sector.
The company’s gains also positively impacted the broader stock market, including the S&P 500 and Nasdaq indexes. Nvidia plans a 10-for-one stock split effective June 7, aimed at making its shares more accessible to individual investors.
Nvidia CEO Jensen Huang, born in Taipei and now leading the company from the U.S., has been prominent in the media, particularly during his recent visit to the Computex trade fair in Taiwan. Meanwhile, Apple faces challenges such as weak iPhone demand and stiff competition in China, coupled with slower integration of AI features compared to its competitors.
