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Shares of the chipmaker climbed 3.5% to $135.58, lifting its market capitalization to $3.335 trillion, just days after overtaking iPhone maker Apple to become the second most valuable company.Apple’s stock slipped over 1%, leaving its value at $3.286 trillion. “It’s Nvidia’s market; we’re all just trading in it,” said Steve Sosnick, chief market strategist at Interactive Brokers.
Tech giants Microsoft, Meta Platforms, and Google-owner Alphabet are competing to build out their AI computing capabilities and add the technology to their products and services. Tuesday’s gain lifted Nvidia’s stock to a record high and added over $110 billion to its market capitalization, equivalent to the entire value of Lockheed Martin.
Nvidia executives said in May that demand for its Blackwell AI chips could exceed supply “well into next year.”