NVIDIA Stock Price Hits All Time, Market Cap Closes In On Apple

NVIDIA stock price has recorded a new All-Time-High (ATH) that brings it very close to leading technology firm Apple in terms of market capitalization.

NVIDIA Stock Price Boom Continues

In the space of a few weeks, the NVIDIA stock price has experienced explosive growth that placed it amongst the top companies globally.

NVIDIA stock price per current market data has jumped to $922.75 on the Nasdaq stock exchange. It looks like the NVIDIA stock price is headed for its sixth consecutive day of gains. This move contributed to a jump in the share’s market cap to about $2.3 trillion.

Considering the increase in market cap, NVIDIA has moved up the ladder as the third most valuable company in the United States. To reach this position, the AI chip maker firm displaced Saudi Aramco earlier this week and this makes Apple its next target to displace. The Tim Cook-led technology firm with a market cap of about $2.61 trillion is only about $300 billion ahead of NVIDIA, a figure that places both companies closer than ever before.

NVIDIA used to be way behind Apple on the list until recently when it began to hit new milestones including delving into the Chinese Market with its semiconductor chips. Only about three weeks ago, the AI giant and GPU manufacturer surpassed Amazon as the 4th most capitalized public company in the U.S. NVIDIA with a market value of $1.83 trillion outranked Amazon ($1.80 trillion).

The only three companies ahead of NVIDIA at the time were Alphabet at a $1.85 trillion market capitalization, Microsoft Corp. at $3.11 trillion and Apple at $2.9 trillion. At the same time, NVIDIA crossed a $2 trillion valuation after adding about $227 billion in bumper earnings per last quarter’s figures, heightening investor sentiment around it.

With how fast NVIDIA shares are growing, the company might close in on Apple in a little while.

Intense Competition in the AI World

The AI chip maker is exhibiting growth and expansion in its endeavors, especially its AI pursuits.

The growing competition in the industry necessitates the need for constant improvement. Sam Altman’s OpenAI has maintained dominance in the Large Language Model (LLM) scene with a significant share of the market but in recent times, some other AI companies have risen to the occasion with new products.

Google launched Genie, a new AI tool that is capable of creating playable virtual worlds from a single image. Even NVIDIA recently released a new ChatGPT killer dubbed Chat with RTX with unique compatibility with personal Computers.

Source