Nvidia briefly returned to the top of the list of the world’s most valuable companies when its stock soared in early trading Thursday following a strong first-quarter earnings report.
Nvidia (NVDA) shares jumped more than 6% in early trading on Thursday, adding more than $200 billion to the company’s market value and pushing the company’s market cap to $3.49 trillion, edging out Microsoft’s (MSFT) $3.41 trillion value. Nvidia stock gave up ground throughout the day, and Microsoft ultimately overtook the AI chip giant in market value by Thursday’s close.
Nvidia shares reacted on Thursday to a solid quarterly report on Wednesday afternoon. Nvidia reported record revenue in its fiscal first quarter as AI demand remained robust.
Nvidia, Microsoft, and Apple (AAPL) have been jostling to be the world’s most valuable company for nearly a year. The three are the only companies to have ever achieved a market value of more than $3 trillion. Nvidia reached that milestone almost exactly a year ago, while Apple first closed at $3 trillion in June 2023 and Microsoft reached $3 trillion in January 2024.
All three stocks have been hit to a certain degree by economic and trade uncertainty this year, but only Microsoft and Nvidia have shaken off the worst of it. Nvidia’s and Microsoft’s stocks are up about 5% and 9%, respectively, since the start of the year. Apple shares, meanwhile, are down about 20%, battered by President Donald Trump’s aggressive tariffs on China, where the company assembles the majority of its products, and insistence that it move production to America.
Nvidia’s market cap, despite Thursday’s gains, remains below its record of $3.66 trillion from earlier January when shares set their all-time high.
Update—May 29, 2025: This story has been updated with the latest share price and market value data.
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