Shares of chipmaker Nvidia rose by about 3% to $141.4, allowing the company to regain first place in market capitalization among public companies. This was reported by the Ministry of Finance concerning CNBC. As of June 4, the capitalization gap between these companies is $3 billion.
As a result of the auction, Nvidia reached a capitalization of $3.444 trillion, ahead of Microsoft, which had $3.441 trillion. Since June 2023, Nvidia has periodically taken the top spot, alternating with Apple and Microsoft. Nvidia last topped the ranking on January 24.
Nvidia’s growth was supported by other companies in the sector: Broadcom shares rose 3%, Micron Technology – 4%, and the VanEck Semiconductor ETF added 2%. Last week, Nvidia reported adjusted earnings of 96 cents per share and revenue of $44.06 billion for the first fiscal quarter, up 69% year-on-year.
Demand for Nvidia’s AI chips, which are used by OpenAI for products such as ChatGPT and major tech giants such as Microsoft, Meta, Google, Amazon, Oracle, and xAI to create powerful clusters, remains a key factor in the company’s success.