Nvidia becomes 7th-largest U.S. company as it passes Facebook owner Meta for the first time

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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Peter Thiel is leaving board of Facebook parent company MetaBREAKING: Peter Thiel is leaving the board of Facebook parent company Meta, where he has served since shortly after the company was founded Billionaire supporting the destruction of democracy. Zuck holding the bag now that the shop is sinking (to grievously mix metaphors) joshtpm 🤷🏻‍♀️
Source: axios - 🏆 302. / 63 Read more »