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Nvidia's Market Cap Surges 9% to $2.8 Trillion, Nears Apple

May 28, 2024, 01:43 PM

Nvidia's market capitalization surged by $221.2 billion in a single day, reaching nearly $2.8 trillion, driven by strong earnings and AI-driven growth. The company's stock price has seen a 9% increase, contributing to a $350 billion rise in market value over the week. Nvidia's CEO, Jensen Huang, saw his net worth swell to $91.3 billion, making him the 17th richest person in the world on the Bloomberg Billionaires Index. Nvidia's revenue grew by 262% year-over-year to $26 billion in Q1 FY 2025, with net income rising 628% to $14.9 billion. The company's market cap now surpasses the combined value of several major tech firms, including Meta, Tesla, Netflix, AMD, Intel, and IBM. Nvidia's stock has hit new all-time highs, trading above $1,100 for the first time, and is now just 5% away from overtaking Apple as the second largest company in the world. Nvidia's market cap is now $890 billion higher than the entire S&P 500 energy sector combined. The company also reported a $200 billion addition to its market value, largely driven by AI chips.