STOCKS
Nvidia hits $3 trillion market cap
Before today there were two companies with a $3 trillion market cap, Microsoft and Apple.
Today, there’s a third company that joins the $3 trillion club, a chip maker that today surpassed Apple as the world’s second most valuable company.
The shares of Nvidia Corporation closed today at $1,224.40, enabling it to pass the $3 trillion threshold.
Nvidia makes chips for artificial intelligence processing and has an 80 per cent share in some cloud computing applications.
Nvidia is on a serious tear.
It is just over two months since the company hit the $2 trillion market cap.
Its rise has been nothing short of phenomenal.
Those who have bought into Nvidia will have smiles on their faces Friday, as Nvidia stock will split 10 for 1 after Friday’s market close.
Nvidia was created in California in 1993 by three engineers dining at a Denny’s Restaurant. The three men, Jensen Huang, Chris Malachowsky, and Curis Priem, bet heavily that future computing would require advanced computing architecture, particularly in graphics.
Ten years ago, in 2014, a share of Nvidia stock was selling for a mere $3.98.
Some history.
It hasn’t always been smooth sailing for the company. The video game company, Sega, rescued Nvidia in 1996, investing $5 million when Nvidia was near to folding. That Sega investment saved Nvidia. In 1999 Sega sold its shares of Nvidia for $15 million, a sale that seemed a good idea at the time.
