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NVIDIA Surpasses $3.6 Trillion Market Cap Milestone, Outshines Apple and Microsoft in Tech Race

AInvestFriday, Nov 8, 2024 2:00 am ET
1min read

NVIDIA recently achieved a historic milestone, becoming the first company to surpass a market capitalization of $3.6 trillion. This remarkable achievement was marked by a surge in its stock prices, with shares gaining 4.07% and 2.25% over consecutive days, reaching a closing market value of $3.65 trillion, thus exceeding Apple's previous record of $3.57 trillion set in October.

The tech giant's accomplishment comes on the heels of a favorable market environment following the U.S. presidential election, where investors are hopeful about prospective tax cuts and regulatory rollbacks. This optimistic outlook spurred notable gains across technology stocks, contributing to a 4% plus surge in the S&P 500 technology index within just two trading days.

NVIDIA's dominant position in the artificial intelligence chip sector and its strategic foresight have cemented its status as a leading entity in the U.S. stock market. Since the beginning of November alone, NVIDIA's stock has risen by 12%, and since the start of the year, its market value has more than doubled. Analyst projections hint at a promising quarterly earnings report due on November 20th, forecasting an 80% increase in revenue year-over-year to $329 billion.

The company's remarkable rise has seen its market value exceed the combined worth of several major corporations, including Eli Lilly, Walmart, JPMorgan Chase, Visa, UnitedHealth Group, and Netflix. This accomplishment underscores NVIDIA's pivotal role in the intense competition among tech giants for supremacy in AI computing capabilities and emerging technology markets.

Earlier this year, NVIDIA briefly held the title of the world's most valuable company before being overtaken by Microsoft and Apple in subsequent months. As of now, despite a 2.1% increase in Apple's stock—bringing its market value to $3.44 trillion—and a 1.25% rise in Microsoft's value—leading to a $3.16 trillion market cap—NVIDIA remains the market's top contender.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.