Nvidia rallied to record highs on Wednesday, with the artificial intelligence chipmaker’s valuation breaching the $3 trillion mark and overtaking Apple to become the world’s second most valuable company.<\/p>\n
Shares of Nvidia gained 5.2 percent on Wednesday to close at $1,224.40, lifting the company\u2019s market capitalisation to $3.012 trillion. The surge in Nvidia’s market value above Apple’s marks a shift in Silicon Valley, which the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.<\/p>\n
Microsoft MSFT.O, based in Redmond, Washington, remained the world’s most valuable company at $3.15 trillion after its shares climbed 1.9%.<\/p>\n
“Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI,” said Jake Dollarhide, chief executive officer at Longbow Asset Management.<\/em><\/p>\n “It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There’s a lot of retail money that’s piling in on what they see as a straight shot up.”<\/p>\n Nvidia’s stock has surged 147% so far in 2024, with demand for its top-of-the-line processors far outstripping supply as Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the emerging technology. It has rallied nearly 30% just since May 22, when Nvidia issued its latest stellar revenue forecast. Nvidia added nearly $150 million in market capitalization on Wednesday, more than the entire value of AT&T.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Nvidia rallied to record highs on Wednesday, with the artificial intelligence chipmaker’s valuation breaching the $3 trillion mark and overtaking Apple to become the world’s second most valuable company. Shares of Nvidia gained 5.2 percent on Wednesday to close at $1,224.40, lifting the company\u2019s market capitalisation to $3.012 trillion. The surge in Nvidia’s market value […]<\/p>\n","protected":false},"author":27,"featured_media":33835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-33832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=33832"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33832\/revisions"}],"predecessor-version":[{"id":33836,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33832\/revisions\/33836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/33835"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=33832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=33832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=33832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}