Nvidia’s Market Cap Rises Above $3 Trillion As Rally Accelerates

Nvidia’s (NVDA) market capitalization is back above $3 trillion U.S. and ahead of Apple (AAPL) as the company’s share price soars amid a broader stock market rally.

Nvidia is now the second largest publicly traded U.S. company by market capitalization, behind only Microsoft (MSFT).

The chipmaker hit the $3 trillion U.S. milestone as its stock soared 6% on May 13 to briefly rise above $130 U.S. a share.

Nvidia’s market cap now stands at $3.17 trillion U.S. The stock was last above $3 trillion U.S. on Feb. 28 of this year, according to market data.

The rally on May 13 built on a 5% gain the day before on news of a U.S.-China trade deal that is likely to ease the sale of Nvidia’s microchips in the Chinese market.

Nvidia’s stock is also getting a boost from news that the U.S. company is partnering with Saudi Arabia’s state-backed Humain on a 500-megawatt data centre project.

The data center project with Saudi Arabia is expected to require several hundred thousand of Nvidia’s most advanced microchips and processors over the next five years.

Nvidia’s stock had been on a downswing in recent months but is now rebounding.

The company is scheduled to report its quarterly financial results on May 28, which many analysts say will be a test for the company, its stock, and the market.

As the latest rally gathers steam, Nvidia’s stock is down 6% on the year and trading at $129.93 U.S. per share.