Nvidia briefly eclipsed Apple to become the world’s most valuable company on Friday.
It’s the first time Nvidia has been the world’s largest company since mid-June.
Nvidia stock jumped as much as 3% on Friday to an intra-day high of $144.13, catapulting its market valuation to $3.53 trillion. In contrast, Apple traded up less than 1%, giving it a market valuation of $3.52 trillion.
Nvidia stock has since pared its gains to about 1% and is trading neck-and-neck with Apple’s valuation, at $3.52 trillion compared to Apple’s $3.53 trillion at 1:24 p.m., according to data from YCharts.
The massive size of Nvidia is a testament to its quick ascent since OpenAI released its first version of ChatGPT in November 2022.
https://www.msn.com/en-us/money/markets/ar-AA1sVZJj
Investors were disappointed by a mixed week for the stock market. They could look back longingly on it if everything goes wrong over the next couple of weeks.
The S&P 500 index has dropped 0.4% this past week, and the Dow Jones Industrial Average has dipped 2.3%, ending a six-week winning streak for both. The Nasdaq Composite, however, has risen 0.9%, extending its winning streak to seven weeks.
Economically sensitive stocks took the worst hit. Retail, banking, and industrial stocks all fell between 2% and 3%, and it appeared that investors were simply taking profits after the S&P 500 entered this past week up 23% in 2024.
“You don’t need much of an excuse to move the market down,” says Keith Lerner, co-chief investment officer at Truist Wealth.