Nvidia passed Apple in market cap and is now the second-most valuable public company, behind Microsoft. The company hit a $3 trillion market cap milestone after shares rose over 5%. At market close, Nvidia had a market value of $3.019 trillion in comparison to Apple which stood at $2.99 trillion. Microsoft is the most valuable publicly traded company with a market cap of $3.15 trillion.
The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $10 billion each.
The company’s CEO Jensen Huang said it plans to upgrade its so-called AI accelerators every year. Following Wednesday’s stock gain, Jensen Huang’s wealth rose by more than $5 billion to $107.4 billion, as per the Bloomberg Billionaires Index.