Nvidia Surpasses Apple to Claim Second Place as World’s Most Valuable Public Company
In a stunning turn of events, Nvidia has surpassed Apple to become the second most valuable public company in the world. The AI microchip maker’s share price has soared, reaching a value of over $3 trillion, or £2.34 trillion. This impressive feat places Nvidia just behind Microsoft, the only other company listed on a stock exchange with a higher value.
The meteoric rise of Nvidia’s stock can be attributed to a year of impressive growth, with shares rising by 5% on Wednesday alone. One share of Nvidia now costs $1,224.40 (£957), a significant increase from its price of $386.54 (£302) just a year ago. The company’s success can be attributed to the growing interest in AI and the increasing number of investors flocking to the firm.
In fact, just in February of this year, Nvidia was valued at $1 trillion less than it is now. The company’s announcement of a “stock split” on Friday further sparked investor interest, as it will make more shares available for purchase and decrease the share value as a result. As the value of a public company is determined by the number of shares issued and their respective prices, this move is expected to continue driving Nvidia’s success.
The race to develop and incorporate AI into products has been a key focus for many tech companies, including Microsoft and Apple. Nvidia, founded in 1993 in California, has been at the forefront of this race. With a strong emphasis on microchip development and the integration of machine-learning capabilities into its products, Nvidia has cemented itself as a leading player in the tech industry.
Headquartered in Santa Clara, California, Nvidia has solidified its position as a major American multinational corporation and technology company. Its continuous growth and innovation in the field of AI have propelled it to the second most valuable public company in the world, surpassing even industry giant Apple.
