Nvidia became the largest company in the world on Tuesday, surpassing Apple and underscoring just how dominant artificial intelligence has become on Wall Street.
Its share price rose 2.9% to $139.93, resulting in a market capitalization of $3.43 trillion, ahead of Apple¡¯s $3.38 trillion. Microsoft, which Nvidia passed last month, has a market cap of $3.06 trillion. Nvidia has soared more than 850% since the end of 2022.
¡°Over the past several quarters, it has felt like people basically care about inflation numbers, job numbers, and Nvidia numbers,¡± said Fall Ainina, director of research at James Investment Research. ¡°Nvidia overtaking Apple in market cap not only conveys that it is the biggest beneficiary of the AI infrastructure cycle, but it suggests people expect the AI boom will continue.¡±
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