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Business Fortune
10 October, 2024
With a sharp increase in stock prices, Nvidia's market capitalization surpassed Microsoft's $3.09 trillion to reach $3.26 trillion.
Thanks to a sharp increase in its stock price, Nvidia's market capitalization has surpassed Microsoft's and is almost at a record high. The AI chipmaker's shares closed at $133 on Wednesday, mirroring the previous day's closing, after opening over 1% higher at $134.
Wednesday is the second day of Nvidia's AI symposium in Washington, DC.
In early trade, Nvidia's market capitalization rose to $3.26 trillion, overtaking Microsoft's $3.09 trillion. However, both companies still lag behind Apple, whose market capitalization is $3.44 trillion. In June this year, Nvidia became the first publicly traded business to break the $3 trillion mark, momentarily surpassing Apple to hold the title. Even with a few changes since then, Nvidia is still the top semiconductor manufacturer in the world.
A record high of $135.58 was reached by Nvidia's shares in June, not long after a 10-for-1 stock split. The stock has increased significantly, rising 192% from a year ago and 173.4% year to date.
A crucial supplier to both Apple and Nvidia, Taiwan Semiconductor Manufacturing Company (TSMC) revealed better-than-expected quarterly sales of over $23.6 billion for the September quarter, representing a 36.5% rise year over year. TSMC projects sales for the third quarter of $22.4 billion to $23.2 billion.