Home News Santa Clara-based Nvidia tops $3 trillion in value, leapfrogging past Apple

Santa Clara-based Nvidia tops $3 trillion in value, leapfrogging past Apple

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By Subrat Patnaik and Carmen Reinicke | Bloomberg

Nvidia Corp. was already the world’s most valuable semiconductor firm. Now, it’s become the first computer-chip company ever to hit $3 trillion in market capitalization.

The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets. On Wednesday, shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc. in the process.

The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $10 billion each.

Nvidia has shown no signs of slowing down or letting its rivals catch up; the company’s Chief Executive Officer Jensen Huang said the firm plans to upgrade its so-called AI accelerators every year. Wednesday’s stock gain increased his wealth by more than $5 billion to $107.4 billion, according to the Bloomberg Billionaires Index.

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