Nvidia has overtaken Intel for the first time as the most valuable U.S. chipmaker.
FILE PHOTO: A NVIDIA logo is shown at SIGGRAPH 2017 in Los Angeles, California, U.S. July 31, 2017. REUTERS/Mike Blake
In a semiconductor industry milestone, Nvidia’s shares rose 2.3% in afternoon trading on Wednesday to a record $404, putting the graphic component maker’s market capitalization at $248 billion, just above the $246 billion value of Intel, once the world’s leading chipmaker.Nvidia’s stock has been among Wall Street’s strongest performers in recent years as it expanded from its core personal computer chip business into datacenters, automobiles and artificial intelligence.
U.S. chipmakers have mostly outperformed since the S&P 500 hit a low on March 23, but Intel has enjoyed much less of that rebound than Nvidia, which is frequently among the most traded stocks on Fidelity and other retail investing websites. While Intel’s stock has lost almost 3% in 2020, Nvidia’s has surged 68%. Investors have been betting that the shift to working remotely because of the coronavirus pandemic will continue to fuel fast growth in Nvidia’s datacenter business.
In recent years, Intel has also faced greater competition from foreign competitors, and its market capitalization has already fallen below those of South Korea’s Samsung Electronics (
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