US AI poster child, Nvidia is now the most valuable company in the world, taking the crown from Microsoft.
Nvidia’s market capitalization closed at roughly $3.34 trillion on Tuesday, edging past Microsoft’s $3.32 trillion value. Apple is the third most valuable company in the US with a $3.27 trillion market cap.
Nvidia shares closed 3.5% higher on Tuesday. Microsoft shares fell 0.5% and Apple shares lost 1.1%. Nvidia earlier this month joined the tech giants in becoming the only US companies to cross a $3 trillion market cap.
Nvidia is the leader of the tech behemoth Magnificent Seven stocks that have driven much of the stock market’s returns since the artificial intelligence frenzy overtook Wall Street last year. The company’s stock is up roughly 174% for the year and was the S&P 500 index’s best performer in 2023.
The Jensen Huang-led company’s dethroning of Microsoft comes as Wall Street’s most prominent tech companies battle for the coveted top spot. Apple on June 13 became the most valuable US company as announcements made at its annual Worldwide Developers Conference, including generative AI features for the iPhone, sent the stock climbing. The iPhone maker’s market cap slid back below Microsoft’s just a day later.
