NVIDIA’s 591,078% Rally to Most Valuable Stock… Echoes of Dot-Com Boom…

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(Bloomberg) — The year was 1999. Steve Jobs had recently returned to lead Apple. Intel was the dominant force in semiconductors. And a little-known chipmaker named Nvidia made its debut on the Nasdaq stock exchange.

It took less than three years for Nvidia Corp. to ascend into the S&P 500 — replacing the disgraced oil-trading conglomerate Enron, no less.

But even then, few people would have bet that the company would go on to become the best performing stock of the last quarter-century, posting a total return of 591,078% since its initial public offering, including reinvested dividends. It’s a difficult number to comprehend and a testament, in part, to the financial mania brewing around artificial intelligence and how investors have come to see Nvidia — which makes the cutting-edge chips powering the technology — as the single-biggest winner of the boom.

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On Tuesday, that run culminated in Nvidia unseating Microsoft Corp. as the world’s most valuable company with a market capitalization of $3.34 trillion. More than $2 t


Nvidia NVDA 3.51%increase; green up pointing triangle has become the U.S.’s most valuable listed company because of the demand for its artificial-intelligence chips, leading a tech boom that brings back memories of one from earlier this century.

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Nvidia passes Microsoft in market cap to become most valuable public company
Nvidia, long known in the niche gaming community for its graphics chips, is now the most valuable public company in the world.

Shares of the chipmaker climbed 3.2% in mid-day trading on Tuesday, lifting the company’s market cap to $3.33 trillion, surpassing Microsoft. Earlier this month, Nvidia hit a $3 trillion market cap for the first time, and passed Apple.

Nvidia shares are up more than 170% so far this year, and took a leg higher after the company reported first-quarter earnings in May. The stock has multiplied by more than nine-fold since the end of 2022, a rise that’s coincided with the emergence of generative artificial intelligence.


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