Nvidia surpasses Apple with $3tn market cap on AI growth
Financial Times — June 5, 2024, 10:00 PM UTC
Summary: Nvidia's market value surpassed $3tn, overtaking Apple, becoming the world's second-most valuable company. Its AI-driven growth led to a 262% revenue increase year on year. Nvidia's stock split and 42x forward earnings ratio show sustained growth. Despite competition, Nvidia remains a leader in AI hardware and software. Apple plans to integrate generative AI features. Apple's shares recovered with a $110bn share buyback.
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