Jul 09 (Reuters) - Nvidia on Wednesday reached a market capitalization of
market capitalization of $4 trillion on Wednesday, becoming the first publicly traded company in the world to reach that milestone and cementing its position as one of Wall Street's most popular stocks.
Shares in the leading chip designer rose by up to 2.4 percent to 164 dollars, benefiting from the continuing high demand for artificial intelligence technologies.
Nvidia reached a market value of 1 trillion dollars for the first time in June 2023, and the upswing has continued unabated: the company's market value has more than tripled within a year, faster than Apple and Microsoft , the only other US companies with a market value of more than 3 trillion dollars.
With a market capitalization of 3.75 trillion dollars, Microsoft is the second largest company in the USA. The company's shares recently rose by 1.3 percent to 503 dollars.
Nvidia has recovered by around 74 percent from its lows in April, when global markets were shaken by the tariffs imposed by US President Donald Trump.
However, optimism that trade partners can reach an agreement with the US has buoyed stock markets recently, with the S&P 500 reaching an all-time high.
Nvidia, with a 7.3 percent share of the S&P 500, is the largest stock in the index. The other technology giants Apple and Microsoft account for around 7 percent and 6 percent respectively.
