Shares of Nvidia rose more than 5% Wednesday, pushing the company's market cap above Apple for the first time.
“Narrow leadership like now happens from time to time but it never lasts,” said Sean O’Hara, president of Pacer ETFs Distributors, a fund provider with $45 billion in assets under management. Nvidia rose 5% Wednesday and is now up more than 150% this year. The Nvidia rally has picked up steam in recent weeks because the company’s stock is set to split 10 for one at the end of this week.
AI chip leader Nvidia hit a market capitalization of $3 trillion on Wednesday, becoming the third U.S. company to do so after Apple and Microsoft.