Nvidia (NVDA) Becomes World’s Largest Stock After Monthly Highs

By CoinGape

Artificial Intelligence (AI) chip manufacturer, Nvidia has become the largest company by market cap after monthly highs following sustained Q1 2024 performance. The company’s stock outpaced Microsoft to sit in the pole position on the back of the demand for AI solutions.

Nvidia Tops Microsoft As Largest Company

The graphic chips market has flipped Apple and Microsoft to become the largest company by market capitalization. NVDA surged 3.28% today pushing its market capitalization over $3.3 trillion after a month of steady inflows. Microsoft currently trades sideways with 0.14% outflows in the last 24 hours as its market cap hovers around $3.327 trillion. Apple sits in third with a market cap of $3.279 trillion, a 1% decline today. 

Nvidia trades at $135.24 after a recent stock split leading to more bullish traction. The company stock surged 27% from the announcement on May 22 to the eventual split on June 7. This year, Nvidia has marked soaring gains posting better-than-expected Q1 2024 earnings with projected growth this year. The asset is up 174.9% year-to-date (YTD), and 52.22% in the past three months. 

The last 30 days have been bullish for Nvidia in the market after recording sustained inflows. The asset is up 42.66% this month and hit a $3 trillion market cap along the way joining the ranks of Apple and Microsoft. Its performance is linked to the demand for AI solutions, high-powered computing, and Q1 results. Nvidia’s Data Center surged to $22 billion marking a 427% spike from the previous year. 

Will AI Coins Rally? 

AI coins experience a surge in price after bullish performances from Nvidia or other related companies as seen hours after its Q1 results. At press time, AI coins are down 17.6% today with a $25.4 billion market capitalization. This sharp decline follows wider crypto assets which have recorded several double-digit outflows. AI coins might notch a rally if market sentiments flip or assets record bullish inflows post-Nvidia traction. 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape