Story by
David Canellis
David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat. David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat.
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.
[H/T: MarketWatch]