Nvidia is also in the $3 trillion company club

The market value of California-based chipmaker Nvidia has surpassed $3 trillion. Thus, Nvidia became the third company to reach a value of $3 trillion. Nvidia's shares increased by more than 4 percent as of June 5, 2024, exceeding $1,219. As of the close of the market, Nvidia reached a market value of $3.011 trillion, leaving Apple behind to become the second most valuable company in the world. With the increasing demand for artificial intelligence chips, Nvidia has increased by 147 percent since the beginning of the year. In January 2022, technology giant Apple became the first US company to reach a market value of $3 trillion. Microsoft's market value also exceeded $3 trillion in January of this year. Nvidia, which announced its first-quarter earnings in May, announced that total sales tripled to $26 billion due to demand for artificial intelligence chips. The company estimated that its revenues would reach $28 billion in the next quarter. Nvidia was last valued more than Apple in 2002, five years before the first iPhone was released. At the time, both companies were valued at less than $10 billion. Wednesday’s stock rally also boosted the fortune of CEO Jensen Huang by more than $5 billion to $107.4 billion, according to the Bloomberg Billionaires Index. Huang told attendees at a keynote speech at National Taiwan University that the rise of generative artificial intelligence is a new industrial revolution, and Nvidia expects to play a key role as the technology moves into personal computing