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Home » Nvidia Becomes First Company to Exceed $3.6 Trillion Market Cap After Trump’s Election Victory

Nvidia Becomes First Company to Exceed $3.6 Trillion Market Cap After Trump’s Election Victory

Joan Aimuengheuwa by Joan Aimuengheuwa
November 8, 2024
in DisruptiveTECH
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Nvidia Becomes First Company to Exceed $3.6 Trillion Market Cap After Trump’s Election Victory
Nvidia

Nvidia

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Nvidia has become the first company to attain a stock market valuation exceeding $3.6 trillion. 

This achievement followed a 2.2% rise in the chipmaker’s share price on Thursday, as investors’ positive view surrounding the latest U.S. election outcome, which saw Donald Trump reclaim the presidency. 

Market watchers are hopeful that this political change will bring about tax cuts and reduced regulatory issues, boosting business sentiment overall.

Nvidia’s new valuation places it at $3.65 trillion, surpassing Apple’s previous record of $3.57 trillion, which was reached on 21 October. 

Despite Apple’s own 2.1% share price increase on Thursday, which lifted its market value to $3.44 trillion, Nvidia retained its lead as the most valuable company worldwide. 

The growth also spurred gains across the technology sector, with the S&P 500 technology index climbing over 4% since Trump’s victory.

The surge in Nvidia’s value results from the expanding AI sector, with the company’s specialised chips driving advancements for companies like Microsoft and Alphabet. 

This month alone, Nvidia’s stock has jumped 12%, stressing the company’s position in AI hardware. Its valuation has more than tripled in 2024, making it the U.S. stock market’s top performer among AI-focused firms.

As of now, Nvidia’s valuation eclipses that of numerous major corporations combined, including Eli Lilly, Walmart, JPMorgan, Visa, UnitedHealth Group, and Netflix. 

Analysts are optimistic about Nvidia’s future, projecting an 80% year-on-year revenue increase for the upcoming quarter, with expectations set around $32.9 billion. 

This growth has kept Nvidia in close competition with fellow tech giants Microsoft and Apple, which have all traded near the top ranks in market capitalisation.

Microsoft, valued at approximately $3.16 trillion following a 1.25% rise in its share price on Thursday, remains a strong competitor, although Nvidia currently holds the crown in market value in the intensifying race to lead in AI technology. 

Nvidia is preparing to release its quarterly results on 20 November, we anticipate seeing if it maintains its record-breaking momentum.

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