SANTA CLARA (dpa-AFX) - Nvidia (NVDA) crossed a major milestone on Wednesday by reaching a market capitalization of $4 trillion, becoming the first publicly traded company in the world to do so.
The computing infrastructure company's shares climbed as much as 2.4 percent to a record high of $164, driven by strong and sustained demand for artificial intelligence technologies, according to a report by Reuters. It is widely regarded as the top provider of chips and software essential for developing AI systems.
The chipmaker first hit a $1 trillion valuation in June 2023. Since then, its market value has more than tripled in just about a year, outpacing tech giants like Apple (AAPL) and Microsoft (MSFT). Currently, Apple and Microsoft are the only other U.S.-based firms valued at over $3 trillion, with Apple reaching that benchmark first in 2022.
The Santa Clara, California-based company now represents about 7.3 percent of the S&P 500 index-making it the largest single component compared to Apple's 7 percent and Microsoft's 6 percent, Reuters notes.
Moreover, according to data from LSEG, Nvidia's valuation now exceeds the combined stock markets of Canada and Mexico and is greater than the total value of all public companies listed in the UK.
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