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Nvidia's value overtakes Apple

Nvidia's value overtakes Apple

Nvidia has overtaken Apple in share value.

The chip company has been given a $3 trillion market share and has become the third most-valuable company listed on a public stock exchange.

The share price surged by more than five percent, to more than $1,224, amid speculation that the company will become dominant following the recent rise of AI-related investment.

In February, the company was valued at $2 trillion - but Nvidia incited an injection of cash from buyers last month when it revealed its intentions for an apparent stock split. The split will increase the number of shares by a factor of ten, cutting their value by the same amount. The intention is to make the shares more accessible to less high-rolling investors.

This change will begin on Friday (07.06.24) and is tipped to increase the demand for Nvidia’s stock.

The company was founded in 1993 and gained its reputation for producing computer chips for processing graphics, mainly for computer games. Its move to machine learning predates the AI boom, contributing to its growing market dominance.

The company has seen massive growth in recent times, with revenue of $26 billion in the year’s first three months - more than three times the same quarter last year - and an 18 percent increase from the last three months.

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