NVIDIA Corporation (NASDAQ:NVDA) reached a $3 trillion valuation by market capitalization Wednesday, joining Apple, Inc. (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) as the third company to ever achieve the milestone.
The Details: Nvidia's shares closed Wednesday up more than 5%, giving it a market cap of around $3 trillion. The chipmaker’s market cap surpassed Apple's during Wednesday's session, making it the second most valuable company in the U.S and the second-largest holding in the SPDR S&P 500 ETF Trust (NYSE:SPY).
Nvidia shares have risen more than 6% this week amid continued momentum on the back of booming demand for its AI chips. Nvidia CEO Jensen Huang recently announced the company will release a high-powered version of its Blackwell chip, Blackwell Ultra, in 2025, and a new AI chip platform, Rubin, in 2026, which has helped the stock roar to new highs this week.
Nvidia is also seeing increased attention ahead of its upcoming 10-for-1 stock split, set to take place after the market close on Friday. Nvidia's stock is up nearly 150% year-to-date after more than tripling in 2023, per Benzinga Pro.
Related News: Wedbush’s Dan Ives Says WWDC 2024 Is ‘Most Important Event For Apple In Over A Decade’: What To Expect
NVDA Price Action: According to Benzinga Pro, Nvidia shares ended Wednesday's session up 5.16%, closing at an all-time high of $1,224.40. The stock was up another 0.59% in after-hours trading at the time of publication.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
