Nvidia passes Apple as world’s second-most valuable firm, as ASML overtakes LVMH in Europe
- Chip designer Nvidia has reached US$3 trillion in market cap, while chip manufacturing gear maker ASML is valued at about US$410 billion
Nvidia was already the world’s most valuable semiconductor firm. Now, it has become the first computer-chip company ever to hit US$3 trillion in market capitalisation.
Shares of the Santa Clara, California-based firm have risen roughly 147 per cent this year, adding about US$1.8 trillion as the insatiable demand for its chips used to power artificial intelligence (AI) tasks skyrockets.
On Wednesday, shares rose 5.2 per cent to close at a record US$1,224.40, pushing the market value to more than US$3 trillion and overtaking Apple in the process.
The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than US$10 billion each.
The rise of generative AI is a new industrial revolution and Nvidia expects to play a major role as the technology shifts to personal computers, Huang told attendees at a keynote address at National Taiwan University.
“We see this sea change as in the very early innings,” said Angelo Zino, senior equity analyst at CFRA Research.
