Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players.

Trading at $1,128, Nvidia's market capitalisation reached new heights, compared to Apple's $2.9 trillion, making Apple the second-most valuable corporation on Wall Street after Microsoft. During the session, Nvidia's stock rose as much as 8 per cent to an intra-day record high of $1,149.39, while Apple's shares fell 0.2 per cent in afternoon trade.

Nvidia's shares have risen over 13 per cent since it forecasted second-quarter sales beyond Wall Street expectations and announced a stock split last week, reflecting investor interest in the company. "The market has struggled to keep up with the company's steadily increasing growth trajectory. At a mid-thirties forward earnings multiple, this still does not feel like bubble territory," said Derren Nathan, head of equities analysis at Hargreaves Lansdown. According to LSEG statistics, Nvidia recently traded at 36 times projected profit expectations, versus 38 for Advanced Micro Devices and 21 for Intel. Nvidia's stock has more than doubled this year, after more than tripling last year.

Nvidia, a major benefactor of the AI boom, reported a fivefold gain in sales from its data centre division last week as clients demanded its high-performance chips. Alphabet, Microsoft, and Amazon.com are fighting for Nvidia's limited supply of high-end chips in the quest to dominate AI computation. "Business is thriving, there are numerous chances for expansion, and the AI theme remains strong. When the song is so catchy, investors want to keep humming it all day," said Dan Coatsworth, an investment analyst at AJ Bell.

While Nvidia's stock skyrockets, Apple has struggled, underperforming other major technology companies in recent months, and falling 2 per cent this year owing to sluggish iPhone demand and intense competition in China. Microsoft, which eclipsed Apple as the world's most valuable corporation earlier this year, benefited from early investments in AI throughout its cloud services, contributing to its current market worth of $3.1 trillion despite a 0.4 per cent decline in share price on Tuesday.

Apple has also been slower to implement generative AI than competitors such as Microsoft and Google, which are integrating AI into their products more quickly.

Nvidia's rise highlights the increasing importance of AI technology in the market, with investors depending heavily on its sustained growth and profitability.

(With inputs from Reuters)

Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players.

Nvidia's stock jumped 6 per cent to a record high on Tuesday, bringing the AI chipmaker's stock market value to $2.8 trillion, just $100 billion short of surpassing Apple in a huge reshuffle among Wall Street's biggest players. Trading at $1,128, Nvidia's market capitalisation reached new heights, compared to Apple's $2.9 trillion, making Apple the second-most valuable corporation on Wall Street after Microsoft. During the session, Nvidia's stock rose as much as 8 per cent to an intra-day record high of $1,149.39, while Apple's shares fell 0.2 per cent in afternoon trade. Nvidia's shares have risen over 13 per cent since it forecasted second-quarter sales beyond Wall Street expectations and announced a stock split last week, reflecting investor interest in the company. "The market has struggled to keep up with the company's steadily increasing growth trajectory. At a mid-thirties forward earnings multiple, this still does not feel like bubble territory," said Derren Nathan, head of equities analysis at Hargreaves Lansdown. According to LSEG statistics, Nvidia recently traded at 36 times projected profit expectations, versus 38 for Advanced Micro Devices and 21 for Intel. Nvidia's stock has more than doubled this year, after more than tripling last year. Nvidia, a major benefactor of the AI boom, reported a fivefold gain in sales from its data centre division last week as clients demanded its high-performance chips. Alphabet, Microsoft, and Amazon.com are fighting for Nvidia's limited supply of high-end chips in the quest to dominate AI computation. "Business is thriving, there are numerous chances for expansion, and the AI theme remains strong. When the song is so catchy, investors want to keep humming it all day," said Dan Coatsworth, an investment analyst at AJ Bell. While Nvidia's stock skyrockets, Apple has struggled, underperforming other major technology companies in recent months, and falling 2 per cent this year owing to sluggish iPhone demand and intense competition in China. Microsoft, which eclipsed Apple as the world's most valuable corporation earlier this year, benefited from early investments in AI throughout its cloud services, contributing to its current market worth of $3.1 trillion despite a 0.4 per cent decline in share price on Tuesday. Apple has also been slower to implement generative AI than competitors such as Microsoft and Google, which are integrating AI into their products more quickly. Nvidia's rise highlights the increasing importance of AI technology in the market, with investors depending heavily on its sustained growth and profitability. (With inputs from Reuters)

Nvidia shares surge to record high, edging closer to Apple in market value

Netflix's bad year just got much worse after crashing on Tuesday, Netflix shares tumbled 30 % yesterday as well leading to 55 billion dollar wipeout in Netflix market value which is the worst since 2004.

Netflix's bad year just got much worse, $55 billion wipeout in its market value

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Nvidia shares surge to record high, edging closer to Apple in market value

Netflix's bad year just got much worse, $55 billion wipeout in its market value