Nvidia needed only 66 trading days to move from a $2 trillion market cap to a $3 trillion market cap and become the second-most valuable company in the U.S.
There’s a new No. 2 in town.
Nvidia Corp. NVDA, +5.16% is now worth more than Apple Inc. AAPL, +0.78%, becoming the second-largest U.S. company behind only Microsoft Corp. MSFT, +1.91%.
The chip giant has a market capitalization of $3.01 trillion, with its shares rising 5.2% on Wednesday. This was Nvidia’s first finish in the exclusive $3 trillion club.
Apple shares, meanwhile, advanced 0.8% to give the company a closing market value of $3.00 trillion, its first close at or above that mark since January. The stock posted its eighth straight session of gains, cementing its longest winning streak since it rose for 11 consecutive trading days during a stretch in March 2022.
Microsoft’s market cap is $3.15 trillion.
Nvidia has been seeing its valuation climb at a rapid pace. Wednesday was only the 66th trading day since the company clinched a $2 trillion closing valuation, according to Dow Jones Market Data, meaning it hit the latest milestone far, far quicker than Apple and Microsoft did.
For context, Apple needed 719 trading days to move from $2 trillion to $3 trillion, while Microsoft required 650 trading sessions.
Over the past year, Nvidia added $2.04 trillion to its valuation, according to Dow Jones Market Data. That’s more than Amazon.com Inc.’s AMZN, +1.08% entire valuation.
The chip maker’s market value is already greater than the individual market caps of various S&P 500 SPX sectors, according to Dow Jones Market Data. Those include consumer staples, energy, real estate, materials and utilities.
Apple’s ascent in Wednesday action came just days before the company is expected to reveal its much-anticipated artificial-intelligence plans at the WWDC developer event, which kicks off Monday with a keynote presentation.
“In our view, WWDC represents the most important event for Apple in over a decade as the pressure to bring a generative AI stack of technology for developers and consumers is front and center,” Wedbush analyst Daniel Ives wrote on Tuesday.
While Nvidia has been capitalizing on AI, some on Wall Street worry that Apple is behind the curve on the trend — or at least on talking about its efforts there. At the same time, Apple faces stiffer competition in its smartphone business as well as pressures on consumer spending.