According to the Guardian, Nvidia CEO Jensen Huang has reentered the $100 billion club as his chip manufacturing company’s market capitalization reached an astounding $3 trillion on Wednesday.
As per the Bloomberg Billionaires Index, Huang’s fortune now stands at $107.4 billion, placing him just behind tech mogul Michael Dell and Indian tycoon Mukesh Ambani in terms of wealth.
Nvidia, a leader in artificial intelligence chips, has surpassed Apple to become the world’s second most valuable company. At market close, Nvidia’s stock rose by 5.16% to $1,224.40, resulting in a market capitalization of $3.01 trillion. Meanwhile, Apple’s market cap closed at $3.00 trillion, with its stock climbing by 0.78%.
However, Microsoft, the software behemoth, retains its position as the world’s most valuable company, boasting a market capitalization of $3.14 trillion as its shares saw a slight increase on the same day.
Nvidia’s recent surge comes as the company prepares to enact a 10-for-one stock split beginning this Friday, a move that could heighten its appeal to individual investors.
With demand for Nvidia’s high-performance processors far exceeding supply, major players like Microsoft, Meta Platforms, and Alphabet’s Google are in a race to bolster their AI computing capabilities and assert dominance in the burgeoning technology sector.
Nvidia’s stock has soared by nearly 30% since May 22, fueled by its impressive revenue forecasts.
In contrast, Apple is grappling with tepid iPhone demand and intense competition in China, the world’s largest smartphone market. Investors perceive Apple as trailing behind other tech giants in integrating AI features into their products and services.
