NVDA: Nvidia Stock Briefly Overtakes Apple as World’s Most Valuable Company

Chip maker’s addition to the Dow Jones helped propel shares to first place among the world’s most expensive companies.

• Nvidia stock NVDA briefly shot up to global dominance on Monday when it overtook Apple as the world’s biggest company. The chip giant’s shares added 0.5% on the day but flexed an intraday peak of more than 0.7%, which was enough to catapult the company to a valuation of $3.376 trillion. Apple, on the other hand, got left behind (feeling inadequate?) with a market cap of $3.366 trillion. By the session’s end, the order had swapped again with Nvidia moving to second place.
• Fresh momentum was infused in Nvidia’s upside swing thanks to its inclusion in the 30-stock iconic Dow Jones Industrial Average index, replacing Intel, which has been a mainstay component for over 25 years. The reasoning behind the swap, S&P Dow Jones Indices said, was to “ensure a more representative exposure to the semiconductors industry.” Still, analysts believe this event won’t provide lots of traction in the long term.
• What will, however, keep the shares well-bid and growing is Nvidia’s ability to stay on top of all things AI. Nvidia has largely cornered the most important market in tech right now — artificial intelligence is getting jammed into virtually every tech company that wants to stay relevant. And that’s driving Nvidia’s revenues to sky high places. Shares of the Jensen Huang-led chip king are up 182% year-to-date.