June 19, 2024
04:16
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Nvidia surpasses Microsoft as most valuable public company
US stocks climbed to another record close on Tuesday, driven by the surge of artificial intelligence leader Nvidia, which surpassed Microsoft to become the most valuable public company. This milestone highlights the strong momentum in the tech sector and investor confidence in AI-driven growth. The broader market's gains reflect continued enthusiasm and strategic rotations within the market. The S&P 500, Nasdaq Composite and the Dow Jones saw gains, rising significantly reflecting broader market sentiments. Meanwhile, Nvidia's market value has now reached $3 trillion, surpassing Microsoft, having already overtaking Apple. The stock surged 3.5% on Tuesday, continuing its 174% rise since the start of the year. Lastly, Qualcomm and Taiwan Semiconductor stocks rose 2.2% and 1.4%, respectively, while Micron Technology gained 3.8%. These gains were supported by declining Treasury yields following a weaker-than-expected retail sales report.
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