Nvidia’s stock has been on the rise, marking a sixth consecutive day of gains. The company has surpassed Saudi Aramco to become the world’s third most valuable company and is now eyeing Apple’s position. On Thursday morning, Nvidia’s shares surged by 3.5% to reach $918.01, following a 3.2% increase on Wednesday which pushed its market capitalization to $2.22 trillion. 

In comparison, Apple experienced a dip in its market value to $2.61 trillion with its stock trading lower at $168.77 on Thursday morning after declining by 0 -.2%. Despite still being approximately $400 billion behind Apple, this marks the closest these two companies have ever been in terms of valuation. The divergence in performance between the two stocks has become more pronounced this year as Nvidia’s shares climbed by an impressive 79%, while Apple fell by 12%. 

Additionally impacting Apple was a report estimating that it sold fewer iPhones (24% decline) in China during the first six weeks of this year. On the other hand, Nvidia continues to gather momentum with five consecutive days of share price increases and showing an overall growth rate of up 14%. Mizuho analyst Vijay Rakesh expressed confidence that Nvidia could hit $1 000 based on strong AI demand outpacing supply and anticipated multiple expansion due to an AI rally. 

Furthermore, other chip stocks such as Intel (up 3%) Micron Technology (up 3%) and Advanced Micro Devices also demonstrated robust performance alongside Nvidia. It is worth noting that two directors at Nividia took advantage of recent share price surge selling about $180 million worth of shares during these past days.