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What just happened? Nvidia's role as provider of most of the advanced hardware powering the AI boom has seen it become the second-most-valuable company in the US market. Team Green's market cap has now passed $3 trillion, putting it above Apple as it closes in on Microsoft's $3.151 trillion valuation.
Nvidia's shares were up another 5% yesterday, closing at $1,224. The company's share price has increased by more than 3,224% over the past five years and 147% this year alone.
Courtesy: companiesmarketcap.com
With a market cap of $3.011 trillion, Nvidia has now joined the exclusive $3 trillion club alongside Apple ($3.003 trillion) and Microsoft ($3.151 trillion).
Bloomberg notes that the last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. Both companies' market caps were less than $10 billion at the time.
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What's especially impressive is that Nvidia only passed the $2 trillion valuation milestone in February this year, less than a year after it hit $1 trillion, in May 2023. It means the company's market cap has increased another $1 trillion in just over three months.
Nvidia's soaring share price has seen CEO Jensen Huang, who owns 3.79% of the company, continue to rise up Bloomberg's Billionaire's Index . He was in 18th place in May with a net worth of $80.5 billion. Today, Huang is in 13th position with a fortune of $107 billion.
The enormous demand for Nvidia's GPUs from companies going all-in on AI (i.e., all of them) saw its first-quarter sales hit $26 billion, more than three times what it earned during the same period a year earlier. In the high-end AI chip market, it's estimated that Nvidia holds a market share of between 70% to 95%.
Huang announced at Computex that Nvidia's roadmap for its core GPUs is taking on an accelerated pace. While big architectural changes are likely to continue at a rate of every two years, Nvidia is now moving to make important product enhancements every year. Blackwell Ultra arrives next year, followed by Rubin in 2026 and Rubin Ultra in 2027.