NVIDIA, the tech company that Jensen Huang, Chris Malachowsky, and Curtis Priem founded over three decades ago before becoming what many people today would recognize to be the dominant supplier of GPUs, is currently the world’s most valuable company, according to new market cap rankings that show how NVIDIA achieved a market cap of $3.582 trillion this week. As noted by several outlets, this is the second time that NVIDIA has passed Apple in market cap, pushing the iPhone and Mac maker down a slot to second place for its lesser but still admirable $3.388 trillion. “[NVIDIA’s] stock is now up more than 2,700% in the past five years, and revenue has more than doubled in each of the past five quarters, tripling in three of them,” a report reads.
Apple was the first company to reach a $1 trillion and a $2 trillion market cap. Nvidia previously passed Apple in June before sliding over the summer. Microsoft, ranked third with a market cap of close to $3.1 trillion, is a major customer of Nvidia GPUs to fuel its partnership with OpenAI as well as its own AI ambitions.