Benzinga - by Chris Katje, Benzinga Staff Writer.
Semiconductor giant NVIDIA Corp (NASDAQ:NVDA) hit new all-time highs on Tuesday, with investors potentially even more bullish as news that Elon Musk could be building a supercomputer using Nvidia products circulates.
What Happened: Nvidia shares closed up 7.13% to $1,140.59 on Tuesday, hitting new all-time highs and taking the market capitalization to $2.805 trillion. The company hit a market capitalization of $1 trillion in May 2023 and continues to soar.
With its new all-time highs and surging market capitalization, Nvidia is getting closer to the only two public companies worth more in value: Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) rank first and second at market capitalizations of $3.20 trillion and $2.91 trillion respectively.
With the impressive move, investors may be surprised to hear that Nvidia is now worth more than the combined value of eight of the most recognized companies worldwide.
Here are the companies Nvidia is now worth more than with their current market capitalization ranking from CompaniesMarketCap.com.
Tesla Inc (NASDAQ:TSLA)(14th): $563.7 billion
Walmart (NYSE:WMT)(16th): $524.4 billion
Exxon Mobil (NYSE:XOM)(17th): $515.3 billion
Costco Wholesale Corporation (NASDAQ:COST)( 25th): $360.7 billion
Netflix Inc (NASDAQ:NFLX)(34th): $279.7 billion
PepsiCo (NYSE:PEP)(45th): $238.4 billion
Walt Disney Co (NYSE:DIS)(64th): $186.8 billion
Intel Corporation (NASDAQ:INTC)(109th): $132.2 billion
Add up the market capitalizations of the eight companies and you get $2.80 trillion, which means you would still have some room left to equal the valuation of Nvidia.
Related Link: NVIDIA ‘Marching Toward A Three-Trillion Market Cap’: 11 Analysts Size Up Q1 Results As AI Leader ‘Shows No Sign Of Slowing Down’
Why It's Important: The exercise above illustrates how valuable Nvidia is and how much the company has risen in value over the past year.
The high valuation of Nvidia being worth all of these companies combined draws parallel to years ago when Tesla was worth the combined value of all of the automotive companies combined.
Nvidia shares have soared in value, up 273% over the last year. The stocks was one of the best performers in the S&P 500 in 2023 and could soon be on the radar of being added to the Dow Jones Industrial Average.
Read Next: EXCLUSIVE: Nvidia Dow Jones Inclusion ‘A Matter Of When’ — Will It Replace Intel?
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