Nvidia sets new record, leaves Apple and Microsoft behind to become first company in history to achieve this milestone

Nvidia has touched a staggering market value of $3.92 trillion on Thursday (July 3), positioning itself to become the most valuable company in history. This surge is fueled by Wall Street's optimism surrounding artificial intelligence (AI). The high-end AI chipmaker pushed its market capitalisation beyond Apple’s previous record closing value of $3.915 trillion, set on December 26, 2024.

According to news agency Reuters, the company's newest chips have been instrumental in training the largest AI models, driving an insatiable demand for its products.

Currently, Microsoft holds the second spot with a market capitalization of $3.7 trillion, and Apple now sits in third place, with a market value of $3.19 trillion.

How Nvidia – not Google and Microsoft – is winning the AI race
The competition among tech giants like Microsoft, Amazon, Meta Platforms, Alphabet (Google) and Tesla to build advanced AI data centers and lead in emerging AI technology has directly translated into an increased demand for Nvidia's specialised chips.

Nvidia, whose core technology was initially developed for video games, has seen its stock market value skyrocket nearly eight-fold over the past four years, growing from $500 billion in 2021 to nearly $4 trillion.

Nvidia’s market cap is more than that of all publicly listed companies in Canada and Mexico combined
Cirting LSEG data, the report says that Nvidia’s current valuation surpasses the combined market cap of all publicly listed companies in both Canada and Mexico, and even exceeds the total value of all publicly traded companies in the United Kingdom.

Nvidia's stock has also registered a powerful rebound, climbing over 68% from its recent low on April 4. That dip occurred when Wall Street reacted to US President Donald Trump's global tariff announcements. US stocks, including Nvidia, have since recovered on expectations that the White House will finalise trade deals to mitigate the impact of Trump's tariffs.