Nvidia (NASDAQ:NVDA) stock is coming incredibly close to surpassing Apple’s (NASDAQ:AAPL) market capitalization as shares of NVDA continue to rally.
This comes after NVDA stock closed out Tuesday at a new all-time high of $1,149 per share. That bumped the market capitalization of Nvidia up to $2.8 trillion. This has the company closing the gap between it and Apple’s market capitalization of $2.93 trillion.
All of this comes as the artificial intelligence (AI) sector booms and Nvidia secures a place in it. The company’s graphics cards have become an important component for AI companies using them to train their models.
Nvidia has leaned hard into this by continuing to build out its AI offerings. This has it securing a strong foothold in the market and the demand for its services and products continues to grow.
What This Means for Nvidia Stock
All of this has resulted in major gains for Nvidia stock throughout the last year. The company’s shares are up 183.4% over the last year. They are also up 135.8% since the start of 2024.
That momentum could continue and may result in the company’s market capitalization overtaking Apple’s. If that happens, NVDA would only be behind Microsoft (NASDAQ:MSFT) with its $3.191 trillion market capitalization.
NVDA stock is down slightly as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
