Nvidia overtakes Apple as its market capitalisation powers past $3tn

July 16,2024

Nvidia’s market value rose past $3tn to overtake Apple on Wednesday as the world’s second-most valuable company, following a year of incredible growth driven by demand for its artificial intelligence chips.

The US chip designer’s shares rose about 5 per cent to push its market capitalisation ahead of Apple for the first time — ending the day at $3.01tn, according to Bloomberg data, marginally ahead of Apple’s $3tn. The iPhone-maker lost its spot as the most valuable listed company to Microsoft earlier this year.

Source: Financial Times