Nvidia passes Apple to become the second most valuable US public company behind Microsoft

A few days ago, many investors and stock market traders were wondering if the market cap for Nvidia would finally go past Apple's market cap. Today, that finally happened. As CNBC reports, Nvidia's market cap exceeded Apple's at the end of stock trading today, making the graphics chip maker the second most valuable US public company.

Nvidia's market cap currently stands at $3.019 trillion, after its stock price went up by $5.16 percent to settle at $1,224.40 a share. Apple's market cap ended today at $2.99 trillion. Nvidia is still behind the biggest US publically traded company, Microsoft, which ended trading today at $3.15 trillion.

Nvidia's stock price has gone up by a whopping 24 percent since it revealed its latest quarterly financial numbers just a few weeks ago on May 22, when it revealed that it had brought in revenues of $26 billion, well ahead of the $7.19 billion in revenues it generated from the same quarter in 2023. The company also announced it predicts to bring in $28 billion in revenues in its current quarter which ends in late July.

Nvidia's massive stock market price rise is, of course, due to the demand of its AI GPUs which are powering the AI data centers for Microsoft's Copilot, OpenAI's ChatGPT, and others. At Computex 2024 this week, Nvidia revealed a new AI GPU architecture, which has the code name Rubin. That chip is expected to launch sometime in 2025.

Nvidia is still working on its next AI GPU chip, code named Blackwell. That chip will begin to ship to customers like Microsoft sometime later in 2024. Nvidia stated this week that it now expects to release new AI chips every year, instead of every couple of years.

While Nvidia is the king of AI chips, competitors like Intel and AMD both announced new AI-themed processors during Computex this week and Microsoft is reportedly developing its own in-house AI chips as well.

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