- By Aditya Pratap Singh
- Wed, 19 Jun 2024 10:48 AM (IST)
- Source:JND
Nvidia became the world's most valuable company on Tuesday, surpassing technology giant Microsoft after Shares of the chipmaker rose 3.5%. On Monday, it left behind Apple, the iPhone maker to become the second most valuable company. Following the Tuesday gain its market valuation reached $3.335 trillion.
The market value of Microsoft shares stood at $3.317 trillion, as its shares fell 0.45%. Apple's stock fell more than 1%, to a value of $3.286 trillion. Nvidia's astonishing rise in market value over the past year has become a symbol of Wall Street's frenzy driven by optimism over the emerging artificial intelligence technology.
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The company's market capitalization expanded from $1 trillion to $2 trillion in just nine months in February, while it took just over three months to reach $3 trillion in June. Microsoft's share price fell 0.45%, and its market value stood at $3.317 trillion. Apple's stock price fell more than 1%, to a value of $3.286 trillion.
Nvidia's stock price surged nearly threefold so far this year, while shares of Microsoft soared 19% in the same period. Last week, the global chip maker firm split its stock 10-for-1 to increase the appeal of its highly valued stock among retail investors.
Nvidia's stock price surge also lifted the S&P 500 and Nasdaq to record levels it has also become the most actively traded company on Wall Street. Its average daily trading volume recently hit $50 billion, compared to about $10 billion each for Apple, Microsoft, and Tesla, according to LSEG data.