Chipmaker Nvidia’s market cap grew to $3.33 trillion Tuesday, after shares rose 3.2% in mid-day trading, surpassing Microsoft to become the world’s most valuable public company. The company had previously topped Apple after reaching a $3 trillion market cap earlier this month.
Nvidia’s shares have skyrockets more than 170% in 2024 and, thanks to the unprecedented demand in generative artificial intelligence technology, multiplied more than nine-fold since the end of 2022. The company holds about 80% of the market for AI chips used in data centers, including for companies such as OpenAI, Microsoft, Alphabet, Amazon and Meta.
Microsoft shares are up about 20% this year, but dropped less than a percentage point Tuesday, leading to a $3.32 trillion market cap. Apple’s shares also slid around 1%, giving it a market cap of $3.28 trillion.
