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Nvidia Surges Close to Apple in Market Value, Hits Record High Amid AI Boom

Nvidia's market value soared to a new high, putting it within $100 billion of surpassing Apple. The company's stock rose about 6% to $1,128, and its market valuation topped $2.8 trillion. Nvidia's recent success is due to its excellent second-quarter revenue projection and the announcement of a stock split.

The company's shares rose about 6%, reaching $1,128 and raising its market valuation to $2.8 trillion. This puts Nvidia just short of Apple's market capitalization of US$2.9 trillion, making it the second-most valuable business on Wall Street behind Microsoft.

During the trading session, Nvidia's shares rose as much as 8% to an intra-day high of US$1,149.39. Meanwhile, Apple's stock fell 0.2% during afternoon trading.

Nvidia's recent increase can be ascribed to a solid second-quarter revenue forecast that outperformed Wall Street expectations. Furthermore, the announcement of a stock split piqued the interest of investors who remained bullish on the AI poster child. Derren Nathan, head of equity analysis at Hargreaves Lansdown, commented, "The market has been struggling to keep up with the company's ever-improving growth trajectory. At a mid-thirties forward earnings multiple, this still doesn't feel like bubble territory."

With a forward profit estimate multiple of 36, Nvidia is trading favorably compared to Advanced Micro Devices (38) and Intel (21), according to LSEG data. The company's shares have more than doubled this year, following a more than tripling in value last year.

Nvidia has emerged as one of the biggest beneficiaries of the AI boom, reporting a five-fold jump in revenue at its data center segment. This achievement has piqued the interest of IT behemoths like as Alphabet, Microsoft, and, which are vying for Nvidia's high-end chips in their battle to dominate AI computation.

While Apple has long been regarded a must-own stock on Wall Street, it has recently lagged other major technology businesses. The corporation has encountered issues such as low iPhone demand and fierce competition in China, resulting in a 2% stock decrease this year. Microsoft overtook Apple as the world's most valuable business earlier this year, thanks to early investments in artificial intelligence throughout its cloud services. Microsoft's market worth is currently $3.1 trillion, with its shares down 0.4% on Tuesday.

  • Nvidia's market value surged to a record high, bringing it within US$100 billion of overtaking Apple.

  • The company's shares rallied around 6%, reaching US$1,128, and its market capitalization reached US$2.8 trillion.

  • Nvidia's recent success is attributed to its strong second-quarter revenue forecast and the announcement of a stock split.


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