Nvidia Overtakes Apple as 2nd-Biggest Company. Microsoft Next?Well, well, well — if it isn’t the GPU-maker-turned-global-tech-Goliath lapping the iPhone factory on the market cap leaderboard . Again.
Nvidia NASDAQ:NVDA has officially snatched the second-largest company title from Apple NASDAQ:AAPL , bringing its market cap north of $3.3 trillion, while Apple sat there like a vintage iPod on shuffle at $3.17 trillion — playing the same valuation tune for days.
So, what’s powering this meteoric rise? It’s not just graphics cards for gamers — that’s 2015. And it’s not graphics cards for Big Tech — that’s 2024. It’s graphics cards paid for by Middle Eastern oil money.
😎 Saudi Chips: Not the Potato Kind
Here’s the scoop: Saudi Arabia and the UAE are ready to shell out billions to become AI superpowers. And who’s their go-to guy? Nvidia, of course.
CEO Jensen Huang, who was in Riyadh this week, announced that Nvidia will supply “several hundred thousand” of its most advanced processors to Humain, a state-backed Saudi firm tasked with building AI infrastructure across the desert kingdom. That includes 18,000 units of Nvidia’s cutting-edge GB300 Grace Blackwell chips — the stuff data scientists dream about.
Nvidia calls this initiative “sovereign AI” — governments building and running their own AI on national infrastructure. Think of it as building data sandcastles, except the sand is made of petrodollars and server farms.
The geopolitical context? President Trump’s Middle East tour is clearing regulatory roadblocks, scrapping AI export restrictions drawn up under Biden, and opening the region to top-shelf American tech.
And Wall Street is paying attention.
💪 Trump Dumps Diffusion Rule, Nvidia Pumps
One of the major tailwinds for Nvidia’s latest rally came in the form of a policy reversal. The Biden-era “AI Diffusion Rule,” which aimed to restrict exports of advanced chips, has now been tossed by the Trump administration.
According to the Bureau of Industry & Security, the rule would have “undermined US innovation” and strained diplomatic relations. Translation? Nvidia was about to have its international wings clipped — but now it's free to fly across the Persian Gulf with pallets of GB300s.
The rule reversal instantly boosts Nvidia’s global reach — and opens the floodgates for billions in international chip demand. Naturally, the stock responded positively, climbing 5.4% on Monday, 5.6% on Tuesday, and 4.1% on Wednesday.
🚂 Not Just a Hype Train (But Bring Snacks Anyway)
Nvidia’s rally isn’t just FOMO (but there is some froth every now and then ).
It’s backed by earnings, expansion, and actual demand. Every major AI player — from startups to sovereign nations — needs Nvidia chips. And there’s no clear rival. AMD NASDAQ:AMD is a step behind. Intel NASDAQ:INTC is still trying to remember how to make people excited again.
But at these levels, expectations are sky-high. Even a great quarter that’s not utterly perfect could trigger some profit-taking. After all, trees don’t grow to the sky — but apparently semiconductors are expected to .
👀 Eyes on Microsoft, But Timing Is Key
So what’s next? Can Nvidia dethrone Microsoft NASDAQ:MSFT , currently valued at just about $60 billion more, and become the biggest company in the world?
Easily, especially if Huang’s tech juggernaut keeps this pace and posts another monster earnings beat. Nvidia reports on May 28, and you can bet every institutional desk, Reddit thread, and our very own TradingView community will be glued to their multi-screen setups to get those numbers.
Microsoft still sits at the top with a $3.36 trillion valuation — within striking distance. All it would take is another ~1.8% pop for Nvidia and a sleepy session for Microsoft.
But be warned: Wall Street loves a Cinderella story until the glass slipper misses earnings by two cents.
🧐 Final Thoughts: Watch Out Everyone
Apple may have Siri. But Nvidia has the chips to build a thousand Siris — and a few Skynets while we're at it.
Whether it can overtake Microsoft depends on the next earnings report (or the lead-up hype).
So the question isn’t “Will Nvidia stay #2?” It’s: How long until it’s #1 — and what could possibly stop it?
And if you’ve got it on your watchlist, circle May 28 in red marker and don’t forget to pay attention to the earnings calendar .
Because that earnings print might just rewrite the leaderboard again.
Your move : Are you riding NASDAQ:NVDA to the top? Waiting for a pullback? Or nervously watching from the sidelines with popcorn and regret? Hit the comments with your play.
