WASHINGTON, Nov 8: Nvidia reached a historic milestone on Thursday as its stock hit a record high as its market value surged beyond $3.6 trillion.
This achievement marks Nvidia as the first firm to reach such a valuation, surpassing Apple’s (AAPL.O) previous record of $3.57 trillion set on October 21, per LSEG data.
Nvidia shares rose by 2.2%, propelled by Wall Street’s optimism over anticipated tax cuts and regulatory relief following Donald Trump’s presidential election victory.
At the end of the trading day, Nvidia’s market cap stood at $3.65 trillion, while Apple’s valuation reached $3.44 trillion after its stock gained 2.1%.
The broader technology sector also saw gains, with the S&P 500 technology index (.SPLRCT) rising over 4% in the two days since Trump’s win.
Nvidia’s strong performance underscores its dominance in the AI chip sector, as demand from Microsoft (MSFT.O), Alphabet (GOOGL.O), and other tech giants drives its growth.
The company’s shares have surged by 12% in November alone, tripling its valuation over the course of 2024.
With this increase, Nvidia’s market cap now exceeds the combined value of major corporations like Eli Lilly, Walmart, JPMorgan, Visa, UnitedHealth, and Netflix.
Analysts expect Nvidia’s quarterly revenue to grow over 80% to $32.9 billion, with results due on November 20.
Although Nvidia briefly held the title of the world’s most valuable company in June, it was overtaken by Microsoft and Apple shortly after.
Currently, Microsoft holds a valuation close to $3.16 trillion, with its shares gaining 1.25% on Thursday.
