Jun 6, 2024 - Technology

Nvidia passes Apple as world's second-most valuable company

A line chart that tracks the market caps of Apple, Nvidia, and Microsoft from January 3, 2023, to June 5, 2024. Nvidia's market cap increased from $352.15 billion to $3.01 trillion, passing Apple into second position today.
Data: YCharts; Chart: Axios Visuals

Nvidia — the undisputed winner of the past year's AI stock boom — passed Apple to become the second-most valuable public company as of Wednesday's market close.

By the numbers: The chipmaker's market cap passed $3 trillion for the first time, putting the company a hair above Apple and behind only Microsoft.

  • Its stock, which has jumped more than 147% for the year, is the strongest force lifting the S&P 500.

The big picture: Nvidia's profit margins are the envy of the corporate world — it made $14.9 billion of net income on revenue of $26 billion last quarter, Axios' Felix Salmon writes.

  • By contrast, Nvidia's net income was just $0.7 billion in the final quarter of 2022.
  • Nvidia produces top-of-the-line chips needed to train AI models and for other cutting edge tech.
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