Nvidia is poised to overtake Apple as the second most valuable company

(Reuters) – Nvidia shares hit record highs on Wednesday, with the AI ​​chipmaker’s market valuation poised to hit the $3 trillion mark and overtake Apple to become the second most valuable company in the world.

Nvidia’s latest rally comes as the company prepares to split its shares 10-for-1, starting June 7, a move that could increase its appeal to individual investors.

Nvidia’s stock has surged 145% so far in 2024, with demand for its high-end processors far outpacing supply as Microsoft, Meta Platforms and Google-owner Alphabet race to expand their capabilities AI computing and dominate emerging technology.

The Silicon Valley chipmaker’s stock rose 4.2% to $1,212.89, giving Nvidia a market value of $2.98 trillion.

Apple’s market capitalization stood at $3.01 trillion as its shares rose 1.2%.

Microsoft remained the world’s most valuable company, with a market value of $3.14 trillion as its shares climbed 1.6%.

(Reporting by Noel Randewich, editing by Nick Zieminski)

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