Days after the ten-for-one stock split, Nvidia surpassed Microsoft as the world’s most valuable company. Presently, there are only three companies with over 3 trillion dollars of market cap listed on the Nasdaq stock exchange. Nvidia’s market capitalisation hit $3.335 trillion after closing at $135.58, while Microsoft ended the June 18 session with a valuation of $3.315 trillion. Apple is close behind with a market cap of $ 3.285 trillion making the race for the top slot much more interesting.

Since its stock market debut in 1999, Nvidia shares have increased by 591,078 percent. NVIDIA went public on January 22, 1999 at $12/share.

The US stock market is closed on Wednesday, June 19th, and will reopen on Thursday, June 20th on account of Juneteenth National Independence Day.

NVIDIA has announced it will hold its 2024 Annual Meeting of Stockholders online on Wednesday, June 26, at 9 a.m. PT.

Nvidia’s stock commenced trading on a ten-for-one split-adjusted basis on Monday, June 10, 2024. “Thanks to the recent success and performance of Nvidia, the microchip and semiconductor-producing giant, tech stocks are receiving much more attention from investors. Those who missed out on Nvidia’s rally are looking to grab onto the next hot tech stock and ride the long-term momentum. With analysts predicting a 10% annual revenue growth in tech-related industries like microchips and semiconductors, it’s easy to see why demand is so high,” says Joel Lim, financial analyst at Trading.biz.

Nvidia’s climb has pushed the S&P 500 and Nasdaq to new highs. S&P 500 has reached its 30th all-time high this year, driven primarily by robust performances in the tech sector. “There’s not much downside in the markets at the moment as global stock markets continue their upward trajectory,” says Nigel Green, CEO, deVere Group, one of the world’s largest independent financial advisory and asset management organizations.

Unless a Black Swan event occurs, the markets look poised for a rally ahead despite stretched valuations in some sectors. Will the rally depend on US Fed actions from here on? Federal Reserve Chairman Jerome Powell has publicly stated that the existing interest rate range of 5.25% to 5.50% will not be changed.

Many experts were surprised because the conventional assumption from a central bank is to decrease interest rates to stimulate growth. However, Powell is more cautious, arguing that inflation is excessive and must be reduced below 2%. The economy is exhibiting some signs of progress, as the inflation rate has just decreased. As a result, the Fed expects to see more consistent progress before going for rate cuts.

“The fact that the Federal Reserve left interest rates as they are suggests that they are not rushing things and are inclined to wait and see how the economy pans out,” says Tobi Amure, a tech analyst at Trading. Biz.

Hewlett Packard Enterprise (NYSE: HPE) and NVIDIA (NVDA) have recently announced NVIDIA AI Computing by HPE, a portfolio of co-developed AI solutions and joint go-to-market integrations that enable enterprises to accelerate the adoption of generative AI.