• Nvidia has now overtaken Apple to become the second most valuable public U.S. company, with a market capitalization reaching $3.01 trillion.
• Apple has encountered a decrease in sales, particularly of iPhones.
• Nvidia plans to implement a 10-1 stock split on June 10.

NVIDIA Corp (NASDAQ:NVDA) has surpassed Apple to become the second most valuable public U.S. company. Nvidia's market cap reached $3.01 trillion, slightly above Apple's $3.00 trillion but below Microsoft's $3.14 trillion.

This milestone highlights Nvidia's growing dominance in the AI chip market, especially in data centers where it holds an 80% market share and focuses on GPU sales. The company’s rapid growth showcases its key role in AI, machine learning technologies, and future data processing.

In contrast to their rise, Apple has faced challenges with a drop in sales, particularly with iPhones. While Apple made history as the first to hit $1 trillion and $2 trillion market caps, its stock performance this year has been modest, with just a 1.65% increase.

Nvidia's market value has surged, with its stock soaring over 2,800% in the last five years. The momentum continues strong, with the stock already up nearly 12% this month.

On Wednesday, the stock opened 1.64% higher than the previous close, ending the day with a significant 5.16% gain. This trend follows the May 22nd earnings release, propelling the stock up by 28% and the year-to-date increase to 147%.

The decision to announce a 10-1 stock split for June 10 shows Nvidia's aim to make its shares more accessible to a wider range of investors. This move indicates Nvidia's confidence in its financial health and future prospects, seeking to boost shareholder value.

After the closing bell on Wednesday, June 5, the stock closed at $1224.40, trading up by 5.08%.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.