The market capitalization of Nvidia (NVDA) has reached $3.5 trillion U.S. for the first time as a rally in the microchip and semiconductor company accelerates.
The market cap milestone comes as Nvidia’s stock reached new highs on Oct. 21, closing at $143.71 U.S., up 4.1% on the day and its highest level ever on a split adjusted basis.
Nvidia’s stock most recently split on a 10-for-1 basis in June of this year.
The chipmaker is the second company to reach a $3.5 trillion U.S. market cap after Apple (AAPL), whose market value currently stands at $3.6 trillion U.S.
A rally in Nvidia’s stock was reignited in recent days after strong quarterly financial results and bullish forward guidance were issued by Taiwan Semiconductor Manufacturing Co. (TSM).
TSMC, as that company is known, manufactures about three-quarters (75%) of the world’s microchips.
Nvidia’s stock is also rising on growing expectations for sales of its newest Blackwell line of processors.
The stock of Nvidia has now risen 234% over the past 12 months, making it one of the best performers in the benchmark S&P 500 index.