NVDA: Nvidia Stock Joins $3 Trillion Club After Dethroning Apple and Chasing Microsoft

There’s no stopping the AI train — chip maker blasted off to record highs and is now eyeing the number one spot in the rankings.

• Nvidia stock NVDA is fast climbing the ranks of the world’s biggest companies. The chip maker elbowed out ecommerce and cloud computing giant Amazon AMZN on February 19, becoming the third-largest US company. Roughly three months later — i.e. now — and after $1.2 trillion in new market value, Nvidia took the second spot, phasing out iPhone maker Apple AAPL.
• Shares of Nvidia closed Wednesday trading at a record $1,224.40 a piece, slapping the company with the lofty price tag of $3.01 trillion. The Jensen Huang-led AI chip manufacturer is the third US company to ever hit that milestone after Apple AAPL and Microsoft MSFT. Speaking of which, Nvidia needs to soak up about $150 billion to kick Microsoft out the number one spot.
• Good news only is what has supported the skyrocketing share-price increase. Earlier this week, news came out, saying Tesla’s Elon Musk has ordered thousands of Nvidia’s AI chips (each worth about $30,000) that will go to X, former Twitter, and xAI, Musk’s AI startup rivaling OpenAI. Nvidia’s stock is up a mighty 154% this year and is even mightier for the past five years — up more than 3,700% from a March 2019 low.