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Nvidia Surpasses $3 Trillion Market Cap, Overtakes Apple with Shares Closing at $1,224.40, Up 5.16%

Jun 6, 2024, 06:35 AM

Nvidia has reached a market capitalization of $3 trillion, surpassing Apple to become the second most valuable public company in the world, behind Microsoft. This milestone marks Nvidia as the first semiconductor company to achieve a $3 trillion valuation. The company's stock surged 147% this year, driven by the booming demand for artificial intelligence (AI) technologies, particularly those powering AI models like ChatGPT. Nvidia's shares closed at $1,224.40, up 5.16%, contributing significantly to the S&P 500's gains. The company's rapid growth has added $1.8 trillion in market cap this year alone, reflecting its pivotal role in the AI industry. Nvidia's stock has increased by 3,224% over the past five years since April, under the leadership of CEO Jensen Huang.