Nvidia has overtaken Apple to become the world’s second most valuable company, with a market capitalization exceeding $3 trillion. CEO Jensen Huang attributes Nvidia’s success to the growing importance of artificial intelligence and the high demand for its processors in AI computing.
Nvidia has surpassed Apple to become the world’s second most valuable company, now valued at over $3 trillion. This shift, reported on June 6, 2024, places Nvidia just behind Microsoft, which retains the top position with a market capitalization of $3.15 trillion. CEO Jensen Huang credits Nvidia’s surge to the excitement around artificial intelligence (AI), as the company’s high-demand processors are essential for AI computing capabilities.
This milestone displaces Apple amid declining iPhone sales in China and rising competition. Nvidia’s stock has climbed 147% in 2024, significantly boosted by a stellar revenue forecast issued on May 22. The company is also preparing a ten-for-one stock split effective June 7, which may attract more individual investors.
Nvidia was founded by Huang in 1993 and has a rich history marked by innovation in graphics processing units (GPUs) that are now pivotal for AI. Despite starting with a small team and narrowly avoiding bankruptcy, Nvidia has grown into a key player in the tech industry. Huang, who remains a celebrated figure, especially in his native Taiwan, recently engaged with fans at Computex 2024 in Taipei. His leadership and Nvidia’s strategic focus on AI have propelled the company to its current prestigious status.
