Nvidia eclipses Microsoft as world's most valuable company

    WORLD  19 June 2024 - 11:27

    Nvidia became the world's most valuable company on June 18, dethroning tech heavyweight Microsoft as its high-end processors play a central role in a scramble to dominate artificial intelligence technology.

    According to Reuters, 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.

    Microsoft's stock market value was $3.317 trillion as its shares dipped 0.45%.

    Apple's stock slipped over 1%, leaving its value at $3.286 trillion.

    Nvidia's stunning surge in market value over the past year has become emblematic of a Wall Street frenzy driven by optimism about emerging AI technology.

    While Nvidia's rally has lifted the S&P 500 and Nasdaq to record highs, some investors worry that unbridled optimism about AI could evaporate if signs emerge of a slowdown in spending on the technology.

    Nvidia has also become by far the most traded company on Wall Street, with daily turnover recently averaging $50 billion, compared to around $10 billion each for Apple, Microsoft and Tesla, according to LSEG data.

    The chipmaker now accounts for about 16% of all trading in S&P 500 companies.

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