Nvidia stock rose to an all-time high on Thursday, as Wall Street extended a rally sparked by President Donald Trump’s return to the White House, making the chipmaker the first in history to have a stock value of more than $3.6 trillion. company. Shares of the dominant AI chipmaker rose 2.2% following the Republican candidate’s victory in Tuesday’s election, buoyed by widespread investor optimism about tax cuts and deregulation.
Nvidia’s stock market cap ended the day at $3.65 trillion, surpassing Apple’s closing market cap of $3.57 trillion set on Oct. 21, according to LSEG data, as the chipmaker surpassed the iPhone maker on Tuesday. became the world’s most valuable company.
Apple stock rose 2.1% on Thursday, giving it a market capitalization of $3.44 trillion.
The S&P 500 technology stock index has risen more than 4% in two sessions since Mr. Trump won Tuesday’s election.
Nvidia has become the biggest winner in the U.S. stock market in a race between Microsoft, Alphabet and other heavyweights to build AI computing power and dominate emerging technologies.
The Silicon Valley chip designer’s stock rose 12% in November, and its value is expected to triple by 2024.
After this year’s surge, NVIDIA is now worth more than Eli Lilly, Walmart, JPMorgan, Visa, UnitedHealth Group, and Netflix combined.
Analysts, on average, expect NVIDIA to see quarterly revenue rise more than 80% to $32.9 billion when it releases earnings on Nov. 20, according to LSEG. In June, Nvidia briefly became the world’s most valuable company, before being overtaken by Microsoft and Apple. The tech trio’s market capitalization has been closely contested in recent months.
Microsoft’s market capitalization has reached nearly $3.16 trillion, and its stock price rose 1.25% on Thursday.
