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Nvidia stock seems to be climbing back to its record high close from June.
The AI chipmaker’s stock was up almost 1% at the open on Wednesday, to about $134 per share. It later fell to about $133 per share. Nvidia (NVDA+2.88%) shares closed at almost $133 the day before.
Nvidia’s rising stock has pushed its market capitalization past Microsoft’s (MSFT-0.04%) again. During Wednesday morning trading, the chipmaker’s market cap reached $3.26 trillion, while Microsoft’s was $3.09 trillion. Both trailed Apple’s (AAPL-3.62%) market cap of $3.44 trillion.
In June, Nvidia briefly surpassed Apple in total market cap and crossed the $3 trillion threshold for the first time. Just weeks later, it overtook both Apple and Microsoft to become the world’s most valuable public company. Despite falling back down, Nvidia remains the most valuable semiconductor company in the world. In February, it became the first semiconductor company to reach a $2 trillion valuation after reporting record fourth-quarter earnings.
In June, Nvidia’s shares closed at a record high $135.58, days after it initiated a 10-for-1 stock split. Since then, its shares have experienced some turbulence, but the company’s stock is still up 173.4% so far this year. Compared to a year ago, Nvidia’s stock is up 192%.
Meanwhile, Taiwan Semiconductor Manufacturing Company (TSM+3.80%), which supplies Nvidia and Apple with chips, reported better-than-expected quarterly revenue of NT$759.7 billion, or $23.6 billion, for the September quarter, according to Reuters. Compared to a year ago, TSMC’s revenue grew 36.5%, Reuters calculated. In July, the chipmaker said it expects third-quarter revenue to be between $22.4 billion and 23.2 billion.