Nvidia hit a $3T+ market cap on June 5, rising over 5% and passing Apple at $2.99T as the second most valuable public US company, behind Microsoft at $3.15T

Nvidia passed Apple in market cap on Wednesday as investors continue betting on the chipmaker behind the artificial intelligence boom.

CNBC 2024-06-06 Kif Leswing

Context & Ripple Effects

Nvidia’s valuation climb had already accelerated after its AI-demand-led revenue outlook took it to the $1 trillion valuation threshold in 2023. By February 2024, it had also moved ahead of Alphabet and Amazon in the U.S. ranking, a rapid reshuffling of the largest technology companies.

This milestone puts Nvidia directly alongside Apple and Microsoft in investors’ hierarchy of public-company value. It matters because the market is assigning AI-infrastructure exposure enough weight to reorder an established mega-cap leaderboard.

First-order effects

Nvidia becomes the second-most valuable public U.S. company, moving ahead of Apple; Microsoft remains the largest at the reported close.
Apple’s relative position slips despite retaining a valuation near $3 trillion, while Nvidia’s shares become a more consequential component of market-cap-weighted benchmarks.

Second-order effects

The ranking raises the valuation benchmark for other companies tied to AI computing, while making their share-price performance more sensitive to whether AI spending supports those expectations.
Apple and Microsoft face a clearer investor comparison: Nvidia’s rise concentrates attention on which parts of the AI stack capture the most immediate economic value.

Third-order effects

If this pattern persists, public-market leadership could become more concentrated in companies supplying scarce AI infrastructure rather than in the platforms that historically dominated consumer technology.
The move also underscores a valuation-cycle risk: leadership built on infrastructure spending can reverse if customers’ AI capacity investment or expected returns weaken.

The trend: Nvidia’s advance is one data point in an AI infrastructure supercycle that is shifting market value toward suppliers of compute capacity.

Discussion

@carnage4life Dare Obasanjo on x
EU antitrust regulators on hearing Nvidia is now bigger than Apple and they don't have any active antitrust investigations or pending fines to hit them with. [image]
@morningbrew @morningbrew on x
Nvidia's day at the office • New ATH: $1,224.40 • Passes Apple in market cap • Crosses $3 trillion for first time • Closes over $3 trillion for first time They're now the 2nd most valuable company in the world [image]
@apompliano @apompliano on x
Nvidia stock is almost bending the chart backwards. [image]
@packym Packy McCormick on x
NVDA has added $260 billion to its market cap - a full Hermès - since Jensen signed that woman's shirt yesterday morning. [image]
@subrat_patnaik Subrat Patnaik on x
Microsoft, Nvidia and Apple are now worth $3 trillion each | Combined they are now bigger than China's stock market (excluding Hong Kong) https://www.bloomberg.com/... via @technology
@trungtphan Trung Phan on x
Nvidia just crossed a $3T market cap is worth nearly 1000 Wendy's. Really makes you think. [image]
@zerohedge @zerohedge on x
The world's biggest company (because NVDA will surpass MSFT tomorrow) is getting gamma squeezed [image]
@lessin @lessin on x
The idea that NVIDIA is now more valuable than AAPL means something is dramatically mispriced. Either Apple's 400B in revenue and 125B in EBITDA is way too cheap, or NVIDIA's 60B in revenue and 30 in EBITDA is too expensive...
@ryanshrout Ryan Shrout on x
Lost in the shuffle of @nvidia hitting a $3T valuation, is that @Arm has surpassed @intel in market cap this week as well. The tiny UK-based IP company is now sitting at $143B vs the Santa Clara giant at $131B. 2024 is not only interesting, its critical for all chip players.
@jessefelder Jesse Felder on x
Over the past 32 trading days, NVDA has gained more than $1 trillion in market cap. To put that into some sort of perspective, the 6-week gain is greater than the total market cap of BRKA, which Warren Buffett has spent 6 decades in building. [image]
@jonahlupton Jonah Lupton on x
It's a big day for $NVDA, not only did the market cap just hit $3 trillion but the stock is now officially up more than 1,000% from the October 2022 lows Congrats to all $NVDA shareholders!!!! [image]
@elonmusk Elon Musk on x
@SawyerMerritt Wow
@thestalwart Joe Weisenthal on x
Chart of $NVDA just since the day ChatGPT was launched. Up over 600% [image]
@carnage4life Dare Obasanjo on x
Investors saw Jensen signing chests at Computex and were like “we weren't familiar with your game” and blessed Nvidia with a $3 trillion market cap. [image]
@greg16676935420 Greg on x
The market cap of Nvidia is up over $200 billion since the CEO signed a boob Let that sink in [image]
@neilcybart Neil Cybart on x
Today marks the first time three companies have been valued at a $3T market cap (or higher) at the same time. Microsoft Apple NVIDIA
@mgsiegler M.G. Siegler on x
Apple and NVIDIA didn't quite have the “I'd shut it down and give the money back to the shareholders” beef, but they had beef, nonetheless. Which makes today's milestone more fun. https://spyglass.org/...
@jimcramer Jim Cramer on x
Photo finish, Nvidia! [image]
@mingchikuo @mingchikuo on x
The prediction from three months ago has come true. This is not just a comparison of Nvidia and Apple's stock prices but a contrast between the strong growth trend of AI and the innovation challenges faced by consumer electronics.
r/neoliberal r on reddit
Nvidia is now more valuable than Apple at $3.01 trillion
r/technology r on reddit
Nvidia is now more valuable than Apple at $3.01 trillion
r/StockMarket r on reddit
Nvidia briefly passes Apple as second most valuable public U.S. company

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