Nvidia passes Apple in market cap as second-most valuable public US company
At market close, Nvidia had a market value of $3.019 trillion in comparison to Apple which stood at $2.99 trillion.
Nvidia passed Apple in market cap and is now the second-most valuable public company, behind Microsoft. The company hit a $3 trillion market cap milestone after shares rose over 5%. At market close, Nvidia had a market value of $3.019 trillion in comparison to Apple which stood at $2.99 trillion. Microsoft is the most valuable publicly traded company with a market cap of $3.15 trillion.
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The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $10 billion each. Nvidia had first crossed a trillion dollars in market capitalisation in May 2023. It crossed $2 trillion for the first time in February this year.
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The company’s CEO Jensen Huang said it plans to upgrade its so-called AI accelerators every year. Following Wednesday's stock gain, Jensen Huang's wealth rose by more than $5 billion to $107.4 billion, as per the Bloomberg Billionaires Index.
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Apple was the first company to cross all milestones of $1 trillion, $2 trillion and $3 trillion market cap. It also held the most-valued company title for long, before being surpassed by Microsoft this year. With shares behaving the way they are, Nvidia is on course and within touching distance of surpassing Microsoft sooner or later.
