NVIDIA overtook seminal computing giant Intel to become the largest chipmaker in the US by market cap on Wednesday, a first for the Santa Clara firm.
NVIDIA opened yesterday’s trade with a market cap of $242.8 billion — just $4 billion short of its rival Intel.
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Both companies would go on to close the day in the green; NVIDIA‘s 3.5% jump added $8.5 billion to its market value, while Intel’s grew by just $1.5 billion. This put NVIDIA ahead by more than $3 billion.
NVIDIA‘s stock is up 70% year-to-date. On the other hand, Intel has struggled — down nearly 4% in 2020.
Notably, this marks the first time Intel has been bumped from the top chipmaker spot since it eclipsed Qualcomm way back in May 2014, according to TradingView data.