Shares of microchip designer Nvidia (NVDA) have closed at an all-time high and its market capitalization has reached $3.40 trillion U.S.
Nvidia is now the second most valuable publicly traded company after Apple (AAPL), which has a market capitalization of $3.52 trillion U.S.
Shares of Nvidia rose 2.43% on Oct. 14 to finish trading at $138.07 U.S., which is an all-time high on a split-adjusted basis.
The company’s stock most recently split on a 10-for-1 basis in June of this year.
Nvidia’s previous all-time high was $135.58 U.S. achieved on June 18 of this year shortly after the stock split occurred.
Following the split, Nvidia’s stock faded during the summer months before rebounding after Labour Day.
Since Sept. 6, Nvidia’s share price has risen 35%, bringing the stock’s gain on the year to 180%. The stock has risen nine-fold since the start of 2023 amid the current bull market.
Nvidia’s share price has been marching higher as analysts and investors reconsider demand for the artificial intelligence (AI) microchips that the company makes.
Nvidia’s processors are considered the most powerful when it comes to running AI applications.
The company’s most powerful processors, the new Blackwell line, have just started to ship to customers.
Nvidia currently controls about 95% of the market for microchips that are used to train and run AI models and applications, according to industry data