Nvidia Overtakes Apple: Now the World’s Second-Most Valuable Company!

Nvidia has made headlines by surpassing Apple to become the world’s second-most valuable company. This milestone marks a significant achievement for the tech giant, fueled by its advancements in AI and record-breaking cap market.

Market Capitalizations of the Top 3 Largest U.S. Companies by Value

As of June 5, 2024. Daily Data from January 3, 2023, to June 5, 2024

 Nvidia Overtakes Apple

Nvidia — the undisputed champion of the past year’s AI stock boom — surpassed Apple to become the world’s second-most valuable public company as of Wednesday’s market close. Known for its innovative approach and technological prowess, Nvidia has consistently pushed the boundaries in the semiconductor industry. 

By the Numbers

  • The chipmaker’s market cap has surged past $3 trillion for the first time, positioning it just above Apple and second only to Microsoft. This remarkable achievement highlights Nvidia’s dominant role in the tech sector.
  • Its stock, which has skyrocketed more than 147% this year, has been the most significant force propelling the S&P 500. 

Overall View

Nvidia’s profit margins are the envy of the corporate world. Last quarter, the company reported a staggering $14.9 billion in net income on $26 billion in revenue, as noted by Axios’ Felix Salmon. This is a substantial leap from its net income of just $0.7 billion in the final quarter of 2022, showcasing its explosive growth.

Nvidia’s cutting-edge chips are essential for training AI models and other advanced technologies, making it a critical player in the tech industry’s future. The company’s ability to innovate and scale its operations has cemented its reputation as a leader in high-performance computing and artificial intelligence. With its impressive financial performance and technological advancements, Nvidia continues to set the standard for excellence in the AI industry.