Nvidia recently became the first company to surpass a $3.6 trillion market valuation, outperforming Apple as the most valuable company globally. Shares of the company surged 2.2% after Donald Trump’s election victory, which boosted investor confidence, particularly due to anticipated tax cuts and deregulation under the new administration. The company closed the day with a valuation of $3.65 trillion, overtaking Apple’s October record of $3.57 trillion.
Nvidia Leads Tech Rally
This surge aligns with a broader tech rally, as the S&P 500 technology index gained over 4% in two days. The chipmaker has led in the AI chip market, benefitting from increasing demand by tech giants like Microsoft and Alphabet aiming to strengthen their AI capabilities. Nvidia’s stock has climbed 12% in November alone, tripling in value this year and now exceeding the combined worth of large corporations like Eli Lilly, Walmart, and Visa.
Analysts expect Nvidia’s quarterly revenue to grow by over 80% to reach $32.9 billion in its upcoming earnings report on November 20. Previously, the chipmaker briefly held the top market cap in June but was overtaken by Microsoft and Apple. Currently, Microsoft’s valuation stands at $3.16 trillion, with its shares up 1.25% on the day.
