Support OvichNews

OvichNews
OvichNews

Business

Live

Nvidia Surpasses Apple to Claim Title of Second Most Valuable Company

Nvidia Surpasses Apple to Claim Title of Second Most Valuable Company

Pic: Reuters

( Ovichnnews USA ) - In a significant market shakeup, American tech firm Nvidia has officially overtaken Apple to secure its position as the world's second most valuable publicly traded company. The AI microchip manufacturer's steady ascent in market value has propelled its shares to surpass the impressive milestone of $3 trillion (£2.34 trillion).

Following a remarkable year marked by sustained growth and investor confidence, Nvidia's shares surged by 5% on Wednesday, with each share now commanding a price tag of $1,224.40 (£957). This substantial increase represents a notable jump from the worth of $386.54 (£302) per share observed a year ago, underscoring the growing appeal of Nvidia as a prime investment destination within the flourishing AI sector. The surge in Nvidia's market capitalization can be partly attributed to the pronounced interest from investors seeking opportunities within the rapidly expanding AI landscape. With tech companies, notably industry giants like Microsoft and Apple, actively pursuing AI integration across their product portfolios, Nvidia's specialized expertise in AI microchip development has propelled its prominence and financial standing within the competitive market environment. Nvidia's unprecedented market valuation surge also follows a strategic announcement regarding an upcoming "stock split," scheduled to take effect on Friday. This corporate move aims to broaden accessibility for potential investors by increasing the number of available shares while concurrently reducing the individual share value. Founded in 1993 in California, Nvidia has established itself as a dynamic force in the tech industry, consistently innovating and integrating cutting-edge machine learning capabilities into its range of products. Headquartered in Santa Clara, California, Nvidia's rise to become the world's second most valuable company underscores its enduring commitment to technological advancement and market leadership within the AI sector.

Create an account or log into your account to leave a comment

Comments

More on Business

Stories you might have missed on Business

SNAPSHOT Wall St opens higher as fresh inflation data allays rate jitters
11 April 2024SNAPSHOT Wall St opens higher as fresh inflation data allays rate jitters

Wall Street's main stock indexes opened higher on Thursday after softer-than-anticipated producer prices data soothed investor fears about sticky inflation, keeping hopes of rate cuts from the Federal Reserve this year alive.

Read More
Tesla to settle over fatal Autopilot crash
9 April 2024Tesla to settle over fatal Autopilot crash

Electric car giant Tesla has agreed to settle a lawsuit over a crash in 2018 which killed Apple engineer Walter Huang after his Model X, operating on Autopilot, collided with a highway barrier.

Read More
Boom times for US green energy as federal cash flows in
9 April 2024Boom times for US green energy as federal cash flows in

In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil.

Read More
Jamie Dimon: US bank boss warns interest rates could rise to 8%
9 April 2024Jamie Dimon: US bank boss warns interest rates could rise to 8%

The boss of one of the world's biggest banks has warned US interest rates could climb to 8%.

Read More
US will not accept Chinese imports decimating new industries, Yellen says
8 April 2024US will not accept Chinese imports decimating new industries, Yellen says

U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports, as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.

Read More
Major food companies offering deals, new sizes as low-income Americans spend less
8 April 2024Major food companies offering deals, new sizes as low-income Americans spend less

Americans relying on government benefits to buy food and other essentials are slashing spending, prompting food makers like Kraft-Heinz (KHC.O), opens new tab and Conagra Brands (CAG.N), opens new tab to overhaul their products and strategies following years of price hikes.

Read More
Morning Bid: Wall St eclipsed as June Fed cut in balance
8 April 2024Morning Bid: Wall St eclipsed as June Fed cut in balance

A look at the day ahead in U.S. and global markets from Mike Dolan.

Read More
Boeing plane engine cover falls off prompting investigation
8 April 2024Boeing plane engine cover falls off prompting investigation

Airline regulators in the US have begun an investigation after an engine cowling on a Boeing 737-800 fell off during take-off and struck a wing flap.

Read More
J&J boosts heart device business with $12.5 bln Shockwave Medical deal
5 April 2024J&J boosts heart device business with $12.5 bln Shockwave Medical deal

Johnson & Johnson (JNJ.N), opens new tab on Friday agreed to buy Shockwave Medical (SWAV.O), opens new tab for $12.5 billion, in a deal that would help broaden its portfolio of medical devices used in treating heart diseases.

Read More
Inside Big Tech's underground race to buy AI training data
5 April 2024Inside Big Tech's underground race to buy AI training data

At its peak in the early 2000s, Photobucket was the world's top image-hosting site. The media backbone for once-hot services like Myspace and Friendster, it boasted 70 million users and accounted for nearly half of the U.S. online photo market.

Read More
Morning Bid: Geopolitics, oil and payrolls make for a busy day
5 April 2024Morning Bid: Geopolitics, oil and payrolls make for a busy day

A look at the day ahead in U.S. and global markets by Alun John.

Read More
US wants airlines to boost travel benefits for military personnel
5 April 2024US wants airlines to boost travel benefits for military personnel

U.S. Transportation Secretary Pete Buttigieg on Thursday urged the nation's largest passenger airlines to improve travel benefits for active-duty military personnel and their families.

Read More

Joe Lewis: How one of Britain's richest people broke insider trading laws

Joe Lewis: How one of Britain's richest people broke insider trading laws

Billionaire Joe Lewis, whose family trust owns Tottenham Hotspur football club, was fined $5m (£4m) Thursday,

Uncertainty over rate cuts wobbles US government bond market

Uncertainty over rate cuts wobbles US government bond market

Strong economic data and worries over sticky inflation are pushing investors to reassess how deeply the

US layoffs reach 14-month high amid government, tech cutbacks

US layoffs reach 14-month high amid government, tech cutbacks

U.S. layoff announcements rose 7% in March to the highest since January 2023, led by technology

Ford will delay some North American EV production

Ford will delay some North American EV production

Ford Motor Co said Thursday it is delaying the launch of its new three-row electric vehicles

US employment boom leaves factory workers behind

US employment boom leaves factory workers behind

Dan Ariens laid off workers, cut shifts, and halted nearly all hiring last summer after sales

Disney defeats critics after bruising battle

Disney defeats critics after bruising battle

Disney has won a boardroom battle against critics who had accused the media giant of botching

Cyber board says Chinese hack of US officials was 'preventable'

Cyber board says Chinese hack of US officials was 'preventable'

The U.S. Cyber Safety Review Board said on Tuesday a targeted Chinese hack of top government

US senator urges Biden to review alleged Nippon Steel ties to China

US senator urges Biden to review alleged Nippon Steel ties to China

The head of the U.S. Senate Banking Committee on Tuesday urged the White House to scrutinize

Amazon offers free credits for startups to use AI models including Anthropic

Amazon offers free credits for startups to use AI models including Anthropic

Amazon Web Service (AWS) (AMZN.O), opens new tab has expanded its free credits program for startups

US new vehicle sales likely rose in Q1, to extend recent streak

US new vehicle sales likely rose in Q1, to extend recent streak

U.S. auto sales likely rose by a mid single-digit percentage in the first quarter, adding to

Biden administration approves eighth US offshore wind project

Biden administration approves eighth US offshore wind project

The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will

Trump-and-dump: Speculators bet on Truth Social 'meme' stock

Trump-and-dump: Speculators bet on Truth Social 'meme' stock

Mohammed Al Shalloudi, a 21-year-old graduate data analyst in the United Arab Emirates who invested in

UPS replaces FedEx to become U.S. Postal Service's primary air cargo provider

UPS replaces FedEx to become U.S. Postal Service's primary air cargo provider

United Parcel Service (UPS.N), opens new tab will become the United States Postal Service's (USPS) primary

Exclusive: Microsoft to separate Teams and Office globally amid antitrust scrutiny

Exclusive: Microsoft to separate Teams and Office globally amid antitrust scrutiny

Microsoft (MSFT.O), opens new tab will sell its chat and video app Teams separately from its

Would-be Tesla buyers snub company as Musk's reputation dips

Would-be Tesla buyers snub company as Musk's reputation dips

The ranks of would-be Tesla buyers in the United States are shrinking, according to a survey

Texas federal judge blocks updated fair lending rules

Texas federal judge blocks updated fair lending rules

A federal judge in Texas on Friday blocked enforcement of new regulations adopted during the

Blackwells, in proxy fight with Disney, sues Disney over disclosure in hedge fund relationship

Blackwells, in proxy fight with Disney, sues Disney over disclosure in hedge fund relationship

Blackwells Capital upped the pressure on Walt Disney (DIS.N), opens new tab in a long-running boardroom

Investors eye Fed rate cut, earnings as key to sustaining market rally

Investors eye Fed rate cut, earnings as key to sustaining market rally

After a stellar start to the year for stocks, investors are on guard for potential bumps

Fed's balancing act could see June rate cut in play even with sticky inflation

Fed's balancing act could see June rate cut in play even with sticky inflation

Federal Reserve Chair Jerome Powell says the central bank is not growing more tolerant of higher

Texas judge transfers lawsuit over card fees to Washington, D.C.

Texas judge transfers lawsuit over card fees to Washington, D.C.

A federal judge in a Texas court that has become a favorite for conservative challenges to

Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud

Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud

Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in

US cryptocurrency ETF inflows pick up as bitcoin price recovers

US cryptocurrency ETF inflows pick up as bitcoin price recovers

Inflows into the nine recently launched exchange-traded funds (ETFs) tied to bitcoin have resumed their upward

In the Market: Fed piloting another tricky soft-landing

In the Market: Fed piloting another tricky soft-landing

The Fed is close to delivering a rare soft landing for the U.S. economy but it

Morning Bid: Unrushed Fed sees out buoyant Q1, dollar revs up

Morning Bid: Unrushed Fed sees out buoyant Q1, dollar revs up

A look at the day ahead in U.S. and global markets from Mike Dolan

Exclusive: China's WuXi AppTec shared US client's data with Beijing, US intelligence officials told senators

Exclusive: China's WuXi AppTec shared US client's data with Beijing, US intelligence officials told senators

U.S. intelligence officials in late February told senators working on a biotech security bill that Chinese

Baltimore bridge port blockade won't trigger new supply chain crisis, experts say

Baltimore bridge port blockade won't trigger new supply chain crisis, experts say

The catastrophic bridge collapse that closed the Port of Baltimore to ship traffic is unlikely to

US solar factories strike deal to produce 'Made in USA' panels

US solar factories strike deal to produce 'Made in USA' panels

Two small solar manufacturers on Wednesday said they are joining forces to make panels that will

Ninja: Twitch's biggest gamer shares cancer diagnosis

Ninja: Twitch's biggest gamer shares cancer diagnosis

US streamer Tyler "Ninja" Blevins has revealed he has been diagnosed with melanoma, a form of

Trump's media company shares jump ahead of backdoor Nasdaq debut

Trump's media company shares jump ahead of backdoor Nasdaq debut

Shares of Donald Trump's media and technology company jumped nearly 20% before the bell on Tuesday

Tesla offers U.S. customers a month's trial of its driver-assist technology

Tesla offers U.S. customers a month's trial of its driver-assist technology

Electric carmaker Tesla (TSLA.O), opens new tab will offer U.S. customers a month's free trial of

Boeing CEO Dave Calhoun to step down in management shakeup amid safety crisis

Boeing CEO Dave Calhoun to step down in management shakeup amid safety crisis

Boeing Co (BA.N), opens new tab CEO Dave Calhoun will step down by year-end, in a

Intel prepares for $100 billion spending spree across four US states

Intel prepares for $100 billion spending spree across four US states

Intel (INTC.O), opens new tab is planning a $100 billion spending spree across four U.S. states

Musk defends his ketamine use as beneficial for investors in new video

Musk defends his ketamine use as beneficial for investors in new video

CEO Elon Musk said his ketamine prescription was beneficial for Tesla's (TSLA.O), opens new tab investors

US stocks may not be in a bubble, but a pullback could be near

US stocks may not be in a bubble, but a pullback could be near

Some market participants believe the relentless U.S. stock rally is poised for a breather, even if

Boeing whistleblower found dead of apparent suicide

Boeing whistleblower found dead of apparent suicide

John Barnett, a former Boeing (BA.N), opens new tab employee who had reportedly raised concerns about

Adidas posts first loss in 30 years and warns on US

Adidas posts first loss in 30 years and warns on US

German sportswear giant Adidas (ADSGn.DE), opens new tab posted its first annual loss in more than

US House to vote to force ByteDance to divest TikTok or face ban

US House to vote to force ByteDance to divest TikTok or face ban

The U.S. House of Representatives plans to vote on a bill on Wednesday that would give

US inflation edges up as Fed debates interest rate cuts

US inflation edges up as Fed debates interest rate cuts

The inflation rate in the US picked up in February, as prices for petrol and housing

Boeing whistleblower John Barnett found dead in US

Boeing whistleblower John Barnett found dead in US

A former Boeing employee known for raising concerns about the firm's production standards has been found

US senators seek to reallocate government spectrum to boost 5G networks

US senators seek to reallocate government spectrum to boost 5G networks

Two top Republican senators are introducing legislation on Monday that would require some U.S. government-owned

Bitcoin price briefly tops $69,000 for new all-time high

Bitcoin price briefly tops $69,000 for new all-time high

The price of the world's largest cryptocurrency, Bitcoin, briefly hit a new all-time high of more

Facebook and Instagram restored after outages

Facebook and Instagram restored after outages

Meta says it has resolved a "technical issue" which caused Facebook, Messenger and Instagram to go

Fed's Powell to set election year stage with testimony on rate cuts, inflation

Fed's Powell to set election year stage with testimony on rate cuts, inflation

With asset values from stocks to crypto to homes piling higher, inflation still considered too high,

Elon Musk sued by former Twitter executives over $128m unpaid severance

Elon Musk sued by former Twitter executives over $128m unpaid severance

Elon Musk is facing a lawsuit from Twitter's former top brass, who say he owes them

Wendy's denies plans for surge pricing after backlash

Wendy's denies plans for surge pricing after backlash

The firm had told investors this month that it was rolling out digital menu displays at

United Steelworkers signs non-disclosure agreement with Nippon Steel

United Steelworkers signs non-disclosure agreement with Nippon Steel

The United Steelworkers (USW) signed a non-disclosure agreement with Nippon Steel (5401.T), opens new tab, the

FAA closes investigation into SpaceX Starship explosion

FAA closes investigation into SpaceX Starship explosion

The U.S. Federal Aviation Administration said Monday it has closed the investigation into an explosion during

Morning Bid: Markets brace for inflation trifecta

Morning Bid: Markets brace for inflation trifecta

A look at the day ahead in European and global markets from Wayne Cole

AT&T to credit customers a full day of service for Thursday outage

AT&T to credit customers a full day of service for Thursday outage

AT&T (T.N), opens new tab will credit customers a full day of service for the carrier's

Moon landing: US clinches first touchdown in 50 years

Moon landing: US clinches first touchdown in 50 years

A spacecraft built and flown by Texas-based company Intuitive Machines landed near the moon's south

US IRS trains tax-audit sights on personal use of corporate jets

US IRS trains tax-audit sights on personal use of corporate jets

The Internal Revenue Service said on Wednesday it plans to crack down on wealthy executives who

Boeing 737 Max boss out after blowout

Boeing 737 Max boss out after blowout

The leader of Boeing's troubled 737 Max programme is to leave the company, which has been

US asset managers ready for China recovery with products stacked up

US asset managers ready for China recovery with products stacked up

Three straight years of losses from Chinese markets and anti-Beijing rhetoric from Washington have not deterred

Goldman Sachs lifts 2024 S&P 500 target to 5,200 on upbeat profit outlook

Goldman Sachs lifts 2024 S&P 500 target to 5,200 on upbeat profit outlook

Goldman Sachs raised its year-end target for the benchmark S&P 500 (.SPX), opens new tab to

US to soften tailpipe rules, slow EV transition through 2030

US to soften tailpipe rules, slow EV transition through 2030

U.S. President Joe Biden's administration is set to ease proposed yearly requirements through 2030 of its

Amazon founder Jeff Bezos sells shares worth over $4bn

Amazon founder Jeff Bezos sells shares worth over $4bn

Multi-billionaire Jeff Bezos has sold more of his shares in Amazon, bringing the total value of

US January deficit drops sharply as receipts grow, tax refunds fall

US January deficit drops sharply as receipts grow, tax refunds fall

The U.S. federal budget deficit fell sharply in January to $22 billion as receipts hit a

Exclusive: Peter Thiel’s Founders Fund made $200 million crypto investment before bull run

Exclusive: Peter Thiel’s Founders Fund made $200 million crypto investment before bull run

Founders Fund, the venture capital firm founded by billionaire Peter Thiel, is investing once again in

Exclusive: Trump's media deal partner nears $50 million financing -sources

Exclusive: Trump's media deal partner nears $50 million financing -sources

Digital World Acquisition Corp (DWAC.O), opens new tab, the blank-check acquisition company that has agreed to

Exclusive: Duke Energy to remove Chinese battery giant CATL from Marine Corps Base

Exclusive: Duke Energy to remove Chinese battery giant CATL from Marine Corps Base

Under pressure from Congress, U.S. utility company Duke Energy (DUK.N), opens new tab plans to decommission

US FAA wants air carriers to boost aviation info sharing

US FAA wants air carriers to boost aviation info sharing

The head of the U.S. Federal Aviation Administration (FAA) met with airline CEOs on Wednesday and

Exclusive: SoftBank-backed Cohesity to buy Veritas data security unit, create $7 billion firm

Exclusive: SoftBank-backed Cohesity to buy Veritas data security unit, create $7 billion firm

U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas'

Exclusive: Microsoft in talks to end trade body's cloud computing complaint

Exclusive: Microsoft in talks to end trade body's cloud computing complaint

Microsoft (MSFT.O), opens new tab is in talks with CISPE in an attempt to resolve its

Snap tumbles as ad sales lag larger rivals

Snap tumbles as ad sales lag larger rivals

Snap (SNAP.N), opens new tab tumbled 31% on Wednesday after fourth-quarter revenue missed Wall Street expectations,

HEDGE FLOW Global hedge funds remain short, ready for further US banking turmoil -JPMorgan

HEDGE FLOW Global hedge funds remain short, ready for further US banking turmoil -JPMorgan

Global hedge funds were poised to profit from the plunge that occurred in U.S. regional banking

New quality glitch to delay some Boeing 737 MAX deliveries

New quality glitch to delay some Boeing 737 MAX deliveries

Boeing Co (BA.N), opens new tab said on Sunday it will have to do more work

Mattel draws activist investor seeking changes at toymaker

Mattel draws activist investor seeking changes at toymaker

Activist investor Barington Capital is pushing toymaker Mattel (MAT.O), opens new tab to effect big changes

Elon Musk bashed by heavy metal drummer who cost him $56 billion

Elon Musk bashed by heavy metal drummer who cost him $56 billion

Elon Musk suffered one of the biggest legal losses in U.S. history this week when the

Tech CEOs told 'you have blood on your hands' at US Senate child safety hearing

Tech CEOs told 'you have blood on your hands' at US Senate child safety hearing

U.S. senators on Wednesday grilled leaders of the biggest social media companies and said Congress must

Elon Musk sees $56bn Tesla pay deal cancelled in court

Elon Musk sees $56bn Tesla pay deal cancelled in court

A judge in the US state of Delaware has annulled a $55.8bn (£44bn) pay deal awarded

UPS to cut 12,000 jobs after 'disappointing' year

UPS to cut 12,000 jobs after 'disappointing' year

Parcel delivery firm UPS has said it will cut 12,000 jobs, after it was hit by

Microsoft says AI is getting deployed 'at scale'

Microsoft says AI is getting deployed 'at scale'

Microsoft sales accelerated in the final months of 2023, lifted by demand for its artificial intelligence

US Senate panel urges Treasury Dept to make tech firms comply with sanctions

US Senate panel urges Treasury Dept to make tech firms comply with sanctions

The U.S. Treasury Department should do more to ensure that major tech firms, including Meta Platforms

Elon Musk announces first Neuralink wireless brain chip implant

Elon Musk announces first Neuralink wireless brain chip implant

Tech billionaire Elon Musk says his Neuralink company has successfully implanted one of its wireless brain

Investors see Microsoft's stock market value leaving Apple behind

Investors see Microsoft's stock market value leaving Apple behind

Microsoft's early lead in artificial intelligence has the software heavyweight's stock market value poised to pull

US to announce billions in subsidies for advanced chips -WSJ

US to announce billions in subsidies for advanced chips -WSJ

President Joe Biden's administration is expected to award billions of dollars in subsidies in coming weeks

US National Security Agency buys web browsing data without warrant, letter shows

US National Security Agency buys web browsing data without warrant, letter shows

The U.S. National Security Agency buys Americans' internet browsing information from commercial brokers without a warrant,

Biden pauses approval of new LNG export projects in win for climate activists

Biden pauses approval of new LNG export projects in win for climate activists

President Joe Biden paused pending approvals of exports from new liquefied natural gas projects on Friday,

Tesla warns of 'notably lower' sales growth in 2024

Tesla warns of 'notably lower' sales growth in 2024

Tesla is forecasting a sharp sales slowdown this year, becoming the latest car company to warn

737 Max 9: Boeing jets cleared to fly after mid-air incident

737 Max 9: Boeing jets cleared to fly after mid-air incident

The US aviation regulator says it will allow Boeing's 737 Max 9 jets to resume flying

U.S. Treasury approves $228 mln for New York state internet projects

U.S. Treasury approves $228 mln for New York state internet projects

The U.S. Treasury said on Monday it had approved more than $228 million in funding for

Iowa sues TikTok alleging parents misled about inappropriate content

Iowa sues TikTok alleging parents misled about inappropriate content

Iowa's attorney general on Wednesday sued TikTok, accusing the video-based social media platform of misleading parents

Apple watch: US upholds ban on sale over patent dispute

Apple watch: US upholds ban on sale over patent dispute

Apple has once again been banned from selling two smartwatch models in the US, while a

Billionaire backers of new California city reveal map, details of proposed development

Billionaire backers of new California city reveal map, details of proposed development

SAN FRANCISCO (AP) — Promoters of a secretive Silicon Valley-backed ballot initiative to build a new

More CEOs fear their companies won’t survive 10 years as AI and climate challenges grow, survey says

More CEOs fear their companies won’t survive 10 years as AI and climate challenges grow, survey says

LONDON (AP) — More executives are feeling better about the global economy, but a growing number

Africa’s biggest oil refinery begins production in Nigeria with the aim of reducing need for imports

Africa’s biggest oil refinery begins production in Nigeria with the aim of reducing need for imports

ABUJA, Nigeria (AP) — Africa’s biggest oil refinery has begun production in Nigeria, the company has

Stocks slump, dollar gains on rate outlook jitters

Stocks slump, dollar gains on rate outlook jitters

SINGAPORE, Jan 16 (Reuters) - Asian shares hit a one-month low, U.S. stock futures fell and

From housing to energy to food, US inflation picks up, though some costs rise only mildly

From housing to energy to food, US inflation picks up, though some costs rise only mildly

WASHINGTON (AP) — Higher energy and housing prices boosted overall U.S. inflation in December, a sign

Starbucks sued for allegedly using coffee from farms with rights abuses while touting its ‘ethical’ sourcing

Starbucks sued for allegedly using coffee from farms with rights abuses while touting its ‘ethical’ sourcing

A consumer advocacy group is suing Starbucks, the world’s largest coffee brand, for false advertising, alleging

Inflation ticked up to 3.4% in December while Americans grow more confident about the economy

Inflation ticked up to 3.4% in December while Americans grow more confident about the economy

Inflation climbed from 3.1% to 3.4% in December, a sign the Federal Reserve will continue to

US was top LNG exporter in 2023 as hit record levels

US was top LNG exporter in 2023 as hit record levels

U.S. liquefied natural gas exports hit monthly and annual record highs in December, tanker tracking