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Nvidia extends lead as world’s most valuable company, set to add $100bn in market cap

Published 06/20/2024, 05:48 PM
© Reuters

Shares in Nvidia (NASDAQ:NVDA) rose more than 3% in premarket trading on Thursday, further extending its lead over other mega-cap tech firms like Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL).

The latest uptick provides yet another boost for NVDA’s market cap, with the chipmaker set to add around $100 to its valuation should it hold onto current gains.

Nvidia has become the world’s most valuable company after its share price reached an all-time high on Tuesday. The company's market cap now stands at $3.34 trillion (£2.63 trillion), with the stock price nearly doubling since the start of the year.

The stock closed at almost $136, up 3.5%, surpassing Microsoft in value and overtaking Apple earlier this month. Nvidia's relentless ascent is driven by its dominance in producing AI chips, which analysts call "new gold or oil in the tech sector.”

Other stocks that saw notable premarket gains Thursday include Dell Technologies (NYSE:DELL), which rose 2.8%, while Super Micro Computer (NASDAQ:SMCI), Micron (NASDAQ:MU), and Hewlett Packard Enterprise (NYSE:HPE) climbed 2.9%, 2.2%, and 2.4%, respectively.

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