Nvidia passes Apple in market cap as second-most valuable public U.S. company

Since the beginning of the year, shares of the American manufacturer of graphics processors Nvidia have soared by 148.6%, which allowed the company to overtake Apple in capitalization. This success is attributed to the boom in artificial intelligence and the high demand for chips needed for AI to work.

Nvidia shares rose 5.2% in trading on June 5, which provided the company with a capitalization of $3.01 trillion, while Apple ended the session with a market value of $3 trillion.

The last time Nvidia was more expensive than Apple was back in 2002, even before the release of the first iPhone. Now Nvidia is second in capitalization only to Microsoft, which is estimated at $3.15 trillion, lagging behind by $140 billion. Meanwhile, Apple is just beginning its steps in the field of AI and is facing falling demand in China.

Market experts note that Nvidia took only 66 trading sessions to increase its capitalization from $2 trillion to $3 trillion, which is much faster than Apple and Microsoft managed. According to Dow Jones data, Apple overcame this path in 719 trading sessions, and Microsoft in 650.