Nvidia’s stock surged on Monday, reaching new highs on the New York Stock Exchange and edging closer to overtaking Apple as the company with the highest market capitalization.
Nvidia’s shares rose by 2.4%, closing at $138.07, fueled by anticipation for the company’s new AI chip, Blackwell, which is slated for mass production this quarter.
In June, Nvidia briefly claimed the title of the highest market cap on the New York Stock Exchange but soon ceded it back to Microsoft. Since then, a fierce battle for dominance has ensued between Microsoft, Apple, and Nvidia.
Nvidia’s market value reached $3.39 trillion, surpassing Microsoft at $3.12 trillion and closing in on Apple at $3.52 trillion.
According to Reuters, Nvidia is the biggest beneficiary of the rapidly advancing AI technology.
Meanwhile, Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest semiconductor foundry, saw its stock climb 0.72% to $192.18. TSMC’s stock peaked at $194.25, briefly pushing its market cap to the $1 trillion mark.
The surge in demand for AI chips has driven TSMC’s third-quarter earnings up 40% year-over-year. Financial data provider LSEG SmartEstimate projects TSMC’s third-quarter net profit to be $9.27 billion. In comparison, its revenue for the same period was reported at $23.62 billion—a 36.5% increase from the previous year, exceeding market expectations.
TSMC is set to update its quarterly earnings and provide an annual forecast on October 17, which will include capital expenditure plans for production expansion.
The company is currently investing $65 billion to construct three factories in Arizona, underscoring its focus on expanding overseas. In its July earnings report, TSMC raised its annual revenue forecast and adjusted its capital expenditure estimates from an earlier range of $28 billion to $32 billion to a revised range of $30 billion to $32 billion.
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