Nvidia needed only 66 trading days to leap from a $2 trillion market cap to a $3 trillion market cap, making it the second-most valuable company in the U.S.
There’s a new No. 2 in town.
Nvidia Corp. (NVDA) is now worth more than Apple Inc. (AAPL), becoming the second-largest U.S. company behind only Microsoft Corp. (MSFT).
The chip giant boasts a market capitalization of $3.01 trillion, with its shares rising 5.2% on Wednesday. This marks Nvidia’s debut in the exclusive $3 trillion club.
Apple shares, meanwhile, advanced 0.8%, bringing the company’s closing market value to $3.00 trillion, its first close at or above that mark since January. The stock posted its eighth consecutive session of gains, marking its longest winning streak since March 2022, when it rose for 11 consecutive trading days.
Microsoft’s market cap stands at $3.15 trillion.
Nvidia’s valuation has been climbing rapidly. Wednesday was only the 66th trading day since the company reached a $2 trillion closing valuation, according to Dow Jones Market Data. This milestone was achieved much faster than Apple and Microsoft, which required 719 and 650 trading days, respectively, to move from $2 trillion to $3 trillion.
Over the past year, Nvidia added $2.04 trillion to its valuation, according to Dow Jones Market Data, exceeding Amazon.com Inc.’s entire valuation.
The chip maker’s market value is already greater than the individual market caps of various S&P 500 sectors, including consumer staples, energy, real estate, materials, and utilities.
Apple’s rise on Wednesday came just days before the company is expected to reveal its much-anticipated artificial intelligence plans at the WWDC developer event, which kicks off Monday with a keynote presentation.
“In our view, WWDC represents the most important event for Apple in over a decade as the pressure to bring a generative AI stack of technology for developers and consumers is front and center,” Wedbush analyst Daniel Ives wrote on Tuesday.
While Nvidia has been capitalizing on AI, some on Wall Street worry that Apple is behind the curve on this trend — or at least on discussing its efforts there. Additionally, Apple faces increased competition in its smartphone business and pressures on consumer spending.