Nvidia's shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players. Last trading at $1,128, Nvidia's market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street's second-most valuable company after Microsoft.
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the middle part of the second quarter of 2024 showed a big divergence of returns.
First quarter earnings for Salesforce are due May 29 amid improving profit margins. Analysts forecast adjusted profit of $2.37 per share, up 40%, and revenue of $9.15 billion, up 11%.