NVIDIA hit $3 trillion in market cap on Wednesday, also briefly surpassing Apple in market cap at $3.006T. The computer chip manufacturer has continued its monstrous rise over the past year, seeing green today before stocks closed.
Due to its chip technology, Nvidia is the far-and-way leader in the artificial intelligence sector. Throughout the last year, the tech sector has seen a massive increase in AI interest. The chips from Nvidia are crucial in the development of this technology, which has spared the boom in NVDA stock amongst investors. In just 3 weeks, the stock of the company has gone up almost an additional $700M.
The company may also continue its surge on Thursday, with its 10:1 stock split set to take effect upon the closing bell on June 6. According to the software company’s Q1 report, each record holder of common stock, as of the close of the market on Thursday, will receive nine additional shares of common stock. The share will be distributed after the close of the market on Friday, June 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on Monday, June 10, 2024.
Also Read: Shiba Inu: How High Can SHIB Go When Ethereum Hits $20,000?
At press time, NVIDIA is trading at $1,219.74, up 4% in 24 hours and over 30% in the last month. Upon overtaking Apple, NVIDIA became the second-largest company in the entire US market. It only sits behind Microsoft for the top spot.