Conway Gittens of The Street discusses the latest business headlines for Nvidia (NVDA) from the floor of the New York Stock Exchange as markets open for trading on Thursday, June 6.
HIGHLIGHTS
NVDA has taken over the title from Apple to become the world’s second most valuable company.
Nvidia’s stock prices surged and their market capitalization reached beyond the $3 trillion mark.
There is a growing demand for Nvidia’s artificial intelligence (AI) server chips in the market.
Apple has long held the title of the world’s most valuable firm. However, it appears that is no longer the case. NVDA has surpassed Apple to become the world’s second most valuable corporation, after only Microsoft. As per Digi.in
This occurred after Nvidia’s stock prices rose and its market capitalization exceeded $3 trillion. This was a first for the corporation, and now it is the world’s second most valuable company.
Read Related – Nvidia Announces Its Next-Gen-AI Platform Chip Will Launch in 2026
This rise can be attributed to the AI wave that is currently occurring. Nvidia’s artificial intelligence (AI) server processors are becoming increasingly popular in the marketplace. As a result, during the previous year, its stock price has more than tripled. Higher demand, more supply, more money, and hence the achievement.
Full Video Transcript Below:
CONWAY GITTEN: My name is Conway Gittens, and I’m reporting from the New York Stock Exchange. This is what we’re watching on The Street today.
Stocks are coming off a strong session on Wall Street, with the S&P 500 setting a new record high thanks to a rise in NVDA shares just days after the company unveiled its new AI technology.
Separately, new weekly jobless claims data revealed that unemployment applications rose to a four-week high. Investors are looking forward to the all-important May jobs report, which is due out on Friday, for indications into the strength of the US labor market.
In other business news, chipmaker Nvidia has surpassed Apple as the second most valuable public corporation in the United States.
Related – The head of Nvidia claims that Tesla is “far ahead” in autonomous driving technology,
On June 5, Nvidia became only the third business to surpass the $3 trillion market capitalization barrier. Apple’s market capitalization hovers around $3 trillion.
Nvidia’s stock increased by an amazing 239% in 2023, and it’s already up another 147% this year. Over the last five years, shares have increased over 3,300%.
While the company’s success has long been sustained, its recent increase can be ascribed to a number of factors. In the first quarter of 2024 the AI chip company outperformed analyst expectations, with profits increasing by more than 600 percent.
On June 2, CEO Jensen Huang presented Nvidia’s latest generation of AI chips, claiming “”With our advancements in AI and faster computing, we’re pushing the frontiers of what’s possible and driving the next wave of technological growth.”
Nvidia currently trails only Microsoft, with a market capitalization of $3.15 trillion.
That concludes your daily briefing. I’m Conway Gittens with TheStreet, reporting from the New York Stock Exchange.
Source
The Street
