Nvidia surpasses Microsoft as world's most valuable company
June 18, 2024
Nvidia became the world's most valuable company by market capitalization — the combined value of all of its shares — on Tuesday.
The chipmaker's shares climbed 3.5% to $135.58 (roughly €126.25) during the day's trading, taking the company's perceived value to $3.335 trillion.
It overtakes Microsoft, completing a rapid rise towards the top of the charts in the last roughly five years.
The market capitalization surge can be traced in part to the emergence of AI and machine-learning technologies, with Nvidia a core producer of the processors necessary for such products.
Back in July 2019, a single Nvidia share fetched less than $4, meaning the stock price has risen by a factor of more than 30 since then.
Nvidia shares are also by far the most commonly bought and sold ones available at present, accounting for about 16% of all of the trading this year in any of the 500 largest companies listed in the US.
Computer trio Nvidia, Microsoft, Apple dominate rankings
Tech giants have long had a stranglehold of the title of the most valuable company on the planet.
Microsoft was atop the list prior to Nvidia, with rivals like Apple and Google (or Alphabet as its parent entity is now known) among other companies to have held the distinction in recent years.
US-based businesses also retain near hegemony of the top spots.
By the current rankings, Apple is third with Saudi oil giant Saudi Aramco fourth, followed by Alphabet (Google), Amazon, Meta (which owns Facebook, Instagram and WhatsApp, among other products), and electric carmaker Tesla.
msh/sms (AFP, AP, Reuters)