Nvidia Hits $3 Trln Market Cap, Overtakes Apple

(RTTNews) - Nvidia Corp. has breached the $3 trillion mark in valuation, becoming the second most valuable company in the U.S. Market overtaking tech giant Apple Inc on Wednesday. The artificial intelligence or AI chipmaker is gaining on the surging demand for AI chips worldwide.

The company was continuing its upbeat rally, with a 1.4 percent increase in pre-market activity on the Nasdaq on Thursday, following a 5.2 percent jump in the previous day. Nvidia is currently valued at $3.012 trillion.

Apple is currently valued at $3.003 trillion, while tech major Microsoft Corp. currently holds the top spot with a valuation of $3.151 trillion.

Nvidia shares were gaining particularly since Monday after the chipmaker announced plans to launch its next generation of AI chips. Ahead of the tech expo Computex in Taiwan, the company's Chief Executive Officer Jensen Huang announced the plan to release Blackwell Ultra, a high-powered version of its Blackwell chip, in 2025, and a new AI chip platform, Rubin, in 2026. The company also plans to debut an Ultra version of Rubin in 2027.

During the event, he had told the crowd that "the next Industrial Revolution has begun." Nvidia further introduced new tools and software models on the eve of the trade show.

The Rubin chip platform reportedly will have new graphics processing units or GPUs that help train and launch AI systems. There would also be other new features like a central processor called 'Vera.'

The company, which has pledged to release new AI chip technology on a one-year basis, in March had launched its previous AI super chip Blackwell GPU, which is said to do some tasks 30 times faster than its predecessor.

The Blackwell model is still in production and expected to ship to customers later in 2024. The Blackwell platform succeeds the NVIDIA Hopper architecture, which was launched two years ago.