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Nvidia, not Apple, first to historic $4 trillion market value

MacDailyNews

Jul 9

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Nvidia hit a $4 trillion market cap on Wednesday, becoming the first public company to achieve this milestone and cementing its status as a Wall Street favorite. The leading chip designer’s shares surged up to 2.5% to a record high of $164, driven by strong demand for AI technologies.

Reuters:
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Nvidia’s soaring market value underscores Wall Street’s confidence in the rapid growth of AI, with the company’s high-performance chips forming the backbone of this technological advance.
“It started out as being a gaming chipmaker and then a crypto mining chipmaker and now as a chipmaker for artificial intelligence computing power,” said Art Hogan, chief market strategist at B Riley Wealth.
“It is continuing to move forward and be a clear early winner of artificial intelligence.”
Nvidia achieved a $1 trillion market value for the first time in June 2023 and tripled it in about a year, faster than Apple and Microsoft, the only other U.S. firms with a market value of more than $3 trillion.
Microsoft is the second biggest U.S. company, with a market capitalization of $3.75 trillion. Its shares were last up 1.3% at $503.
Nvidia holds a 7.3% weight on the S&P 500, the biggest on the index. Other tech behemoths, Apple and Microsoft, account for around 7% and 6%, respectively.
The company is worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data, and exceeds the total value of all publicly listed companies in the UK.

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MacDailyNews Take: Apple was the first to hit $1 trillion, $2 trillion, and $3 trillion market cap milestones, but, eventually, coasting on the momentum Steve Jobs provided, missing the GenAI paradigm shift, and prioritizing the wrong things will cost you.

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