Nvidia’s shares fell nearly 3.4% on Thursday, ceding the title of the world’s most valuable company back to Microsoft (NASDAQ). Nvidia’s market cap dropped to $3.30 trillion from $3.34 trillion, while Microsoft’s decreased to $3.30 trillion, down 0.4%.
Nvidia, Microsoft, and Apple (NASDAQ) are in a close race for the top spot, with Apple’s market cap at $3.22 trillion after a 2.2% drop.
Elon Musk announced that Dell Technologies (NYSE) and Super Micro Computer (NASDAQ) are providing server racks for his xAI startup’s supercomputer. Dell and Super Micro shares fell 1% and 0.7%, respectively.
Nvidia’s stock has nearly tripled this year, boosting the broader market. Super Micro shares have more than tripled, while Dell’s stock is up nearly 95%.
The Philadelphia SE Semiconductor Index has risen nearly 34% since April, closing at a lifetime high on Tuesday. Wedbush Securities analyst Dan Ives noted that AI technology will strengthen big tech companies like Microsoft, Oracle (NYSE), Dell, Amazon (NASDAQ), Meta (NASDAQ), Apple, and Google (NASDAQ) in the coming years.
