Investors are becoming more comfortable that Nvidia’s huge growth in sales to a handful of cloud companies can persist.
Nvidia passed Apple in market cap on Wednesday as investors continue betting on the chipmaker behind the artificial intelligence boom.$3 trillion market cap
Meanwhile, Apple shares are up only about 5% this year, as the iPhone maker's sales growth has stalled in recent months. In its most recent quarterly earnings report, Apple said overall sales dropped 4% and iPhone sales fell 10% from the year-ago period. Apple faces strategic questions and issues about demand in China, manufacturing, and mixed reactions to its new virtual reality headset, Vision Pro.
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