Nvidia Outperforms Apple in Market Cap
Apple stock was up about 1% in late-afternoon trading on Wednesday to about $196 per share. Nvidia stock was up almost 5% to about $1,220 per share.
Nvidia has briefly outpaced Apple in terms of total market capitalization on Wednesday, as both companies soared past the $3 trillion mark. Currently, they trail only Microsoft, which boasts a market capitalization of $3.14 trillion.[1]
Read More: Nvidia Surpasses Alphabet in Market Cap Race
Apple stock was up about 1% in late-afternoon trading on Wednesday to about $196 per share. Nvidia stock was up almost 5% to about $1,220 per share.
In June 2023, Apple was the first company to reach a $3 trillion market cap.
Nvidia Corporation, led by CEO Jensen Huang, unveiled the Blackwell Ultra chip slated for 2025 and introduced the development of the next-generation Rubin platform scheduled for 2026, the firm announced ahead of this week’s COMPUTEX technology conference in Taipei, as it aims to diversify its customer base beyond major cloud-computing entities.
Huang emphasized before the importance of countries owning the production of their own intelligence. In a fireside chat at the World Governments Summit in Dubai with the UAE’s Minister of AI Omar Al Olama, Huang described sovereign AI as a vast opportunity for global leaders.
In May, Apple announced a historic share buyback program totaling $110 billion.
Share buybacks, also known as stock repurchases, are strategic financial maneuvers aimed at reducing the number of outstanding shares in the market. This process can be executed through on-market buybacks, conducted on stock exchanges, or off-market buybacks, which involve direct purchases from shareholders.
