Nvidia’s stock continued its upward climb on Thursday, pushing the company closer to Apple in the race for the world’s second-largest market capitalization.
The stock price rose 2% to $904.53 in early trading, extending its winning streak to six consecutive days. This comes after Nvidia surpassed Saudi Aramco to become the world’s third most valuable company earlier this week.
The gap between Nvidia and Apple has narrowed significantly in recent months. At the beginning of the year, Apple held a lead of $1.33 trillion, but that gap has shrunk to under $400 billion. This is largely due to the contrasting performance of the two stocks in 2024. Nvidia’s stock has surged 79% year-to-date, while Apple’s has fallen 12%.
Analysts are bullish on Nvidia’s future, with one raising their price target to $1,000 due to the strong demand for artificial intelligence products that use Nvidia’s chips. Meanwhile, Apple’s shares remained flat after the market opened on Thursday.
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In other chipmaker news, Intel, Micron Technology, and Advanced Micro Devices all saw their stock prices rise in early trading, indicating a positive day for the sector. However, two Nvidia directors cashed in on the recent rally by selling a combined $180 million worth of shares.
Disclaimer:
The information contained in this article is for informational purposes only and should not be considered financial advice. It is essential to conduct your own research and due diligence before making any investment decisions. Past performance is not necessarily indicative of future results.
