Nvidia Corp. (NASDAQ:NVDA) is closing in on Apple Inc. (NASDAQ:AAPL) to become the world's second most valuable company by market capitalization, with the gap between the two companies narrowing down to a little over $250 billion.
What Happened: Nvidia's continued run has brought it within striking distance of Apple when it comes to market capitalization. Another surge of a little over 9% could bring it level with the iPhone maker.
The Apple stock has moved at a snail's pace compared to Nvidia – its shares have gained 3.6% in the first five months of 2024. On the other hand, Nvidia's surge has been rapid and sustained – it has made its investors richer by over 127%, more than doubling their wealth in the last five months.
As of market close on Friday, Nvidia's market capitalization stood at $2.69 trillion, while Apple's stood at $2.94 trillion.
At the beginning of 2024, Nvidia's market capitalization was $1.18 trillion while Apple's stood at $2.84 trillion.
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Assuming that Apple's shares remain unchanged, Nvidia's share price would have to touch $1,198 for the Jensen Huang-led company to become the second most valuable company in the world.
Here's how a $1,000 investment in Nvidia and Apple stocks at the beginning of 2024 would have fared: