Amid broader market confidence after Donald Trump’s recent victory in the US elections, Nvidia set a new benchmark in the stock market on Thursday (October 7), becoming the first company to surpass a market valuation of $3.6 trillion, following a 2.2% rise in its share price. Trump’s return to the White House has spurred optimism for potential tax reductions and regulatory easing under his administration.
Nvidia’s market cap reached $3.65 trillion by the close of trading, overtaking Apple's previous high of $3.57 trillion, set just weeks prior in October. The California-based chipmaker, widely recognized for its leadership in artificial intelligence, has seen a surge in investor interest due to AI’s growing importance and Nvidia’s pivotal role in advancing the technology.
This impressive rally has placed Nvidia well above the combined valuations of several industry giants, including Eli Lilly, Walmart, JPMorgan, Visa, UnitedHealth Group, and Netflix. The stock’s robust performance has solidified Nvidia’s dominance in the tech sector, following an earlier brief stint ahead of Apple in market value earlier this year.
Apple’s stock also saw gains, rising 2% to bring its market cap to $3.44 trillion, keeping the company as a close second. Microsoft, with a 1.25% increase, remains a strong contender in the sector, holding a market value close to $3.16 trillion.
Nvidia’s extraordinary growth in 2024 has been highlighted by a threefold increase in its stock price since the start of the year. The company is projected to report an 80% year-on-year rise in quarterly revenue on November 20, according to reports, in anticipation of its continued momentum in the AI-driven market.
