Nvidia's Market Cap Hits $2.8 Trillion, Up 130% YTD, Nears Record High

May 28, 2024, 05:42 PM

Nvidia has reached a significant milestone, with its market capitalization soaring to $2.8 trillion, making it the third most valuable company globally. This surge places Nvidia's worth above the combined market caps of major companies such as Meta ($1.2 trillion), Tesla ($553 billion), Netflix ($272 billion), AMD ($257 billion), IBM ($157 billion), and Intel ($128 billion). Nvidia's stock price has hit an all-time high of over $1,140, driven by a 130% increase year-to-date. The company is now within 5% of surpassing Apple, which has a market cap of $2.93 trillion, to become the second-largest company in the world. Nvidia's rapid growth is attributed to its dominance in the AI chip market, strong earnings performance, and a recent 6% increase in shares. CEO Jensen Huang's leadership and the influence of figures like Elon Musk have also played a role in this record high.