Nvidia claims The chipmaker achieved another milestone by overtaking Saudi Aramco in terms of market value, making it the world's third most valuable publicly traded company after Apple and Microsoft.
The company closed Friday trading at $2.06 trillion, the first time it has closed above $2 trillion. Meanwhile, Aramco's value fell to $2.03 trillion. Nvidia stock rose further on Monday, rising more than 5% by 1:33 p.m. ET, giving it a market value of $2.16 trillion.
Nvidia shares soared on explosive earnings that reaffirmed Wall Street's optimism about the potential for artificial intelligence to reshape the technology industry.
The company dominates the market for graphics chips designed for complex computing tasks needed to power the AI applications that companies are rushing to develop.
This year's rally was relentless. The stock price rose about 66%, adding about $834 billion in value.
Aramco, meanwhile, has fallen more than 5% this year, with shares weighing on production cuts from OPEC+ production cuts and the possibility of additional stock issuance by the Saudi government. — Subrat Patnaik, Farah ElBalawy and (c) 2024 Bloomberg LP
