Nvidia Market Cap Crosses $3 Trillion for the First Time, Surpassing Apple – IGN

Nvidia is now a $3 trillion company – and the second-most-valuable company in the U.S. stock market.

As CNBC reports, Nvidia shares closed today up 5% to $1,224.40, giving the company a market cap of $3.01 trillion for the first time in its history. That puts it just ahead of Apple with its $3 trillion, making it the second-largest public company behind Microsoft, which has a market cap of $3.15 trillion.

Nvidia has seen phenomenal growth in the last few years, thanks in large part to its leadership in the AI race, becoming a leading chip supplier for companies looking to delve into the technology. According to CNBC report from earlier this week, the company’s AI accelerators have between 70% and 95% of the market share for artificial intelligence chips.

In turn, Nvidia’s market cap has rapidly skyrocketed over the last two years in particular. The tech company, best known for its gaming and graphics GPUs, reached a market cap of $2 trillion just this past February, becoming the first chipmaker to reach the milestone. That came less than a year after it hit the $1 trillion mark in May 2023.

To put it in perspective: as CNBC points out, Nvidia stock has soared more than 3,224% over the past five years, and it shows no signs of slowing down. The company reported first-quarter earnings of a whopping $26 billion last month, more than triple its earnings from the same period a year ago.

The company announced last month that it plans to release a new AI chip once per year, an increase from the previous once every two years cadence.

Alex Stedman is a Senior News Editor with IGN, overseeing entertainment reporting. When she’s not writing or editing, you can find her reading fantasy novels or playing Dungeons & Dragons.