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NVIDIA Tops $3.6 Trillion Market Cap, Outpaces Apple in Historic Surge

AInvestSunday, Nov 10, 2024 7:00 pm ET
1min read

NVIDIA has achieved a significant milestone by becoming the first company to surpass a market capitalization of $3.6 trillion. This marks a historic achievement in the stock market, with the company's stock closing at a record $3.65 trillion capitalization, overtaking Apple's previous record of $3.57 trillion set on October 21.

Since November, NVIDIA's share value has surged by 12%, doubling its market value since the beginning of 2024. Analysts are optimistic, anticipating NVIDIA to report a significant increase in quarterly revenue, projected to grow by over 80%, reaching $329 billion, ahead of the earnings release scheduled for November 20.

This milestone has placed NVIDIA at the forefront of the American stock market, outperforming competitors like Microsoft and Alphabet, who are also vying to expand artificial intelligence computing capabilities and tap into emerging tech markets. Despite being surpassed by Microsoft and Apple earlier this year, NVIDIA's rapid growth enabled it to reclaim the top spot as the world's most valuable company, maintaining a close contest with these tech giants in recent months.

On Thursday, Apple shares saw a 2.1% increase, resulting in a market cap of $3.44 trillion, while Microsoft shares rose by 1.25%, nearing a market cap close to $3.16 trillion. The competitive landscape remains dynamic, with NVIDIA currently holding the title of the most valuable global company, its market cap exceeding the combined value of other major corporations like Eli Lilly, Walmart, JPMorgan Chase, Visa, UnitedHealth Group, and Netflix.

The latest AI advancement surge has heavily influenced the technology sector, driving stock valuations skyward. As a result, NVIDIA's stock performance has become a barometer for the industry's growth, reflecting investor optimism in the sector's transformative potential. Market analysts keenly await NVIDIA's impending earnings report, which could further bolster its position as a leading force in the AI revolution.

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