Nvidia, the leading AI chipmaker, has seen its market capitalization surge to $3.019 trillion, surpassing Apple’s $2.99 trillion and making it the second-largest publicly traded company in the US, just behind Microsoft at $3.15 trillion. Nvidia is now the third US company, after Apple and Microsoft, to cross the $3 trillion mark.
Shares of the Santa Clara-based company jumped 5.2% to approximately $1,224.4, while Apple shares rose 0.8% to $196. This boosted the S&P 500 and Nasdaq indexes to new record highs.
Nvidia (NVDA) has benefited the most from the AI craze on Wall Street this year, with its stock up 147% year-to-date, after a 239% increase in 2023. In contrast, Apple shares have gained about 1.7% this year.
Nvidia CEO Jensen Huang announced that the company will release its most advanced AI chip platform, Rubin, in 2026. Rubin will succeed the Blackwell platform, which was introduced in March and is currently the “world’s most powerful chip.”
Nvidia dominates the AI semiconductor market, holding about 70% of sales. Analysts believe the stock has more room to grow. Angelo Zino, senior equity analyst at CFRA Research, noted that Nvidia could become the most valuable company due to its extensive opportunities in AI.
To make shares more accessible, Nvidia announced a 10-for-1 stock split last month, with post-split shares starting trading on June 10.