Nvidia Almost Became the Largest Company Again as Stock Hits New Record

Dow Jones01-07

Nvidia came neck and neck with Apple in the contest to become the largest U.S. company, but couldn't quite get there on Monday.

The chip maker's market value briefly surpassed Apple's in intraday trading Monday, according to Dow Jones Market Data. At one point this afternoon, Nvidia stock was up 3.8%, putting the company's market cap at $3.707 trillion, according to the data provider. Apple stock, meanwhile, was up 0.7%, valuing the company at $3.703 trillion.

Nvidia closed with a market cap of $3.66 trillion on Monday, below Apple's $3.703 trillion. Based on closing prices, the last time Nvidia held the top spot was Nov. 22, Dow Jones Market Data said.

Nvidia stock still notched a new record closing high today, closing at $149.43, up 3.43% and above the record closing high set on Nov. 7 of $148.88.

Nvidia's all-time intraday high remains $152.89, set on Nov. 21, 2024.

The stock is off to a solid start in 2025 amid further signs of strong demand for artificial intelligence chips.

Taiwan's Foxconn -- also known as Hon Hai Precision Industry -- said Sunday that strong AI server demand helped drive its fourth-quarter sales and first-quarter results should "show significant growth." Foxconn recently said it was building the world's largest manufacturing site for servers to house Nvidia's GB200 Superchips in Mexico.

The value of the AI server business is set to rise to $298 billion this year from $205 billion in 2024, according to research firm TrendForce -- which expects AI servers to account for more than 70% of the total value of the entire server industry in 2025.

Nvidia CEO Jensen Huang is set to deliver a keynote speech at the CES tech show in Las Vegas on Monday.

At CES, Huang could disclose more details about the company's next-generation "Rubin" graphics-processing units and other products.

"We expect Nvidia to announce an AI-focused client (PC) central-processing unit," wrote Truist Securities analyst William Stein in a research note.

Shares of other chip makers are rallying too. Advanced Micro Devices was up 3.4%, and Broadcom gained 1.1%.

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Nvidia Almost Became the Largest Company Again as Stock Hits New Record

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