Nvidia topples Microsoft as world's most valuable company
Nvidia shares have advanced 174% this year vs Nasdaq's 19%
CFRA research analyst Angelo Zino discusses whether A.I. will continue to drive the tech sector on 'Varney & Co.'
Chipmaker Nvidia is now the world’s most valuable company, unseating Microsoft as investors bet its AI dominance will remain unmatched for now.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 183.38 | +3.80 | +2.12% |
| MSFT | MICROSOFT CORP. | 480.84 | +3.11 | +0.65% |
| AAPL | APPLE INC. | 280.70 | -3.45 | -1.21% |
The chipmaker’s market value crossed $3.34 trillion on Tuesday, surpassing Microsoft's $3.32 trillion. Apple, which was unseated by both, has a market value of $3.27 trillion. Despite the gains, the trio are neck-and-neck.
"We continue to believe this is a stock or company that can continue to grow the earnings trajectory over the next five years by north of a 30% annualized pace," said CFRA research analyst Angelo Zino during an appearance on "Varney & Co."
Zino raised his price target to $139 per share. The stock, already this year, has gained more than 174%.
NVIDIA'S CEO JENSEN HUANG A BIG HIT IN TAIWAN
CEO Jensen Huang recently returned from a trip to Taiwan where he was treated as tech rockstar touting Nvidia's relationship with the country, his birthplace, as AI chip use grows.
Jensen Huang, co-founder and chief executive officer of Nvidia Corp., during a news conference in Taipei, Taiwan, on Tuesday, June 4, 2024. Nvidia is still working on the certification process for Samsung Electronics Co.'s high-bandwidth memory chips …
Nvidia is also fresh off its 10-for-1 stock split, which began trading on June 10. Mutual fund managers and various exchange-traded funds are also adjusting for the split which could be contributing to the trading action.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 6857.12 | +7.40 | +0.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23505.1358 | +51.04 | +0.22% |
The shares were the most active in both the S&P 500 and Nasdaq Composite - both indices are hovering at fresh-record highs.