Nvidia Corp. became the seventh-largest U.S. company Monday as it overtook Facebook parent Meta Platforms Inc. for the first time.
Nvidia finished Monday’s session with a market value of $618.2 billion, while Meta closed with a market value of $612.2 billion, according to Dow Jones Market Data. Shares of Nvidia ended up 1.7%. in the session, while Facebook’s stock lost 5.1%.Nvidia now sits directly behind Berkshire Hathaway Inc. BRK.A, +0.32% BRK.B, +0.48%, which ended Monday’s trading with a $706.97 billion valuation.
Nvidia was the 15th-largest U.S. company as of a year ago and the 50th largest as of two years ago, according to Dow Jones Market Data. It previously had held the No. 7 spot when it beat out Berkshire last November, but Monday marks the first time that the company is ahead of Meta. The social-media company is feeling the weight of recent privacy-related changes made by Apple Inc. AAPL, -0.42% that limit the ability of third parties to track user activities online. Meta also must contend with changing user preferences brought on by TikTok’s rise: While Meta has its own TikTok-like feature in Reels that is gaining steam with users, the company has room to improve Reels’ revenue potential.
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