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NVIDIA Corp (NASDAQ:NVDA) has surpassed tech giants Microsoft and Apple to become the world’s most valuable publicly traded company.
As of Tuesday, Nvidia’s market capitalization reached $3.33 trillion. This rise comes amid a broader reshuffling in the tech hierarchy.
Earlier this year, Apple lost its top position to Microsoft due to concerns over iPhone demand, which affected its stock performance.
Meanwhile, Microsoft made significant progress with its investments in new technologies, such as its early stake in OpenAI, which boosted its standing in generative AI.
However, recent interest in Nvidia, especially after a 10-to-1 stock split, has overshadowed Microsoft's performance.
The stock split lowered Nvidia’s share price to 10% of its previous value, making it more accessible to a wider range of investors, which in turn has catapulted them into the most valuable company.
Despite Nvidia’s current dominance, Microsoft isn't giving up. The company's stock reached a record high just a day before Nvidia’s rise, though it dipped slightly by 0.45% the next day.
However, a reversal looks possible as Microsoft’s stock has surged by 7.6% in June, with an 18% growth year-to-date.
This solid performance was highlighted by a breakout on June 11, indicating potential for more upward movement.
Such breakouts often signal strong buying interest that can push stocks past long-standing resistance levels. For Microsoft, the next key resistance is at $500, suggesting significant growth potential if the current momentum continues.
After the closing bell on Tuesday, June 18, the stock closed at $446.34, trading down by 0.45%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Posted In: NVDA
