Nvidia Might Soon Surpass Apple As World's Second-Most Valuable Company

(RTTNews) - AI chip giant Nvidia (NVDA) is trailing behind Apple (AAPL) just inches away and might soon surpass the iPhone maker to become the second-most valuable company in the world.

The semiconductor maker famous for its high-end chips is just $230 billion behind Apple's market valuation.

The stock of Nvidia has soared 95 percent so far this year, fueled by increasing demand of artificial intelligence. Shares of Meta Platforms (META) has also surged 46.6 percent in 2024, underscoring the ongoing AI boom.

Nvidia's market valuation increased to $2 trillion recently, from $1 trillion in just nine months, overtaking Amazon (AMZN), Google parent Alphabet Inc. (GOOG) and Saudi Aramco (2222).

Last month, the chip maker reported a 769 percent increase in fourth-quarter profit and a 580 percent jump in full-year profit compared to the previous year.

Meanwhile, several analysts predict a potential NVIDIA stock split in the next year or so as the stock is nearing the $1,000 mark.

Ken Mahoney, president and chief executive officer of Mahoney Asset Management, said, "I expect the stock to split and that would be able to get some small retail investors into the stock where they think it's out of reach right now," Bloomberg News reports.

Notably, Nvidia last announced a four-for-one stock split in May 2021, when its shares were valued around $600.