Nvidia surpasses Apple to become the second-largest public company in the US
By Nicole Goodkind, CNN
New York (CNN) — Nvidia, Wall Street’s favorite artificial intelligence darling, is continuing to swell to staggering heights.
The AI chipmaker’s market capitalization rose to $3.019 trillion on Wednesday, nudging slightly past Apple’s also $2.99 trillion market cap and making it the second-largest publicly traded company in the US by that measure, just behind Microsoft’s market cap of $3.15 trillion.
Nvidia is now the third company in the US, behind Apple and Microsoft, to cross that $3 trillion mark.
Shares of the Santa Clara-based chipmaker rose 5.2% to about $1,224.4 a share, while Apple shares ended the session up 0.8% at $196.
Nvidia (NVDA) has been the biggest beneficiary of the AI mania dominating Wall Street this year; the stock is up 147% so far this year after soaring 239% in 2023.
Apple shares, meanwhile, have gained about 1.7% year-to-date.
Earlier this week, Jensen Huang, CEO of Nvidia, said that the company would roll out its most advanced AI chip platform, called Rubin, in 2026.
The Rubin platform will succeed the Blackwell, which supplies chips for data centers and was announced only in March. It was dubbed by Nvidia at the time as the “world’s most powerful chip.”
Nvidia accounts for around 70% of AI semiconductor sales.
This story is breaking and will be updated.
The-CNN-Wire
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Krystal Hur, Wayne Chang and Laura He contributed to this report.
