Nvidia on verge of overtaking Apple as No. 2 most valuable company

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Shares of Nvidia rallied to record highs on Wednesday, with the AI chipmaker's stock market valuation on the verge of hitting the $3 trillion mark and overtaking Apple to become the world's second most valuable company.

Shares of Nvidia rallied to record highs on Wednesday, with the AI chipmaker's stock market valuation on the verge of hitting the $3 trillion mark and overtaking Apple to become the world's second most valuable company.

The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors. Nvidia's stock has surged 145 per cent so far in 2024, with demand for its top-of-the-line processors far outstripping supply as Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the emerging technology.

The Silicon Valley chipmaker's stock was last up 4.2 per cent at $1,212.89, giving Nvidia a stock market value of $2.98 trillion.Microsoft remained the world's most valuable company, with a market value of $3.14 trillion as its shares climbed 1.6 per cent. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

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