Nvidia becomes first publicly-traded company to cross $4 trillion market cap
The Santa Clara, California-based chipmaker reached a day's high of US$164.42 after opening at US$161.19. It finally closed the session up 1.8 per cent at US$162.88, giving the company a market cap of US$3.97 trillion.
Nvidia leads tech giants in market cap
Wall Street's darling leads over Microsoft, its biggest customer, and Apple, who hit the $3 trillion mark much before, but are now No. 2 and No. 3 in market cap at US$3.74 trillion and US$3.15 trillion, respectively.
At around 7.5 per cent, Nvidia has the biggest weight in the S&P 500, which is viewed by investors as the benchmark for the US stock market.
The top seven companies in S&P 500 weights also include Microsoft, Apple, Amazon, Alphabet, Meta Platforms, and Broadcom, which together make up for about one-third of the index.
Founded in 1993, Nvidia first surpassed the US$2 trillion mark in February 2024 and zoomed past $3 trillion in June, meaning its valuation has doubled in just 16 months.
On 9 July, 2020, the company's stock was trading at US$10.59. In five years, it has increased by 1436.26 per cent, which means a US$100 investment has now become US$1,536.26. It started the year 2023 at US$14.85.
This year, Nvidia's shares are up about 22 per cent against a 6 per cent rise for the S&P 500, despite a warning from CEO Jensen Huang that the US restrictions on selling chips to China would led to a $8 billion loss in sales to the company.
'The US$50 billion China market is effectively closed to US industry,' Huang said during an earnings call in May, when his company reported a 69 per cent year-on-year revenue growth to US$44 billion for the first quarter.
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