On Wednesday, there were three companies worth more than $3 trillion USD: Microsoft, Nvidia, and Apple.
By Thursday, only Microsoft retained that status, as Nvidia’s brief flirtation with a $3 trillion market cap proved to be a one-day wonder for the stock, and Apple shares merely retraced their steps, having previously been at or above $3 trillion.
Looking ahead to Friday, the split of Nvidia shares into 10-for-1—Thursday’s close at $1,210.45 each—giving a notional initial value of around $121 per share—will that boost the total cap back over $3 trillion?
Both Apple and Nvidia suffered substantial losses on Friday in dollar terms, totaling more than $200 billion, bringing Apple’s market cap to $2.8 trillion. Apple shares were down 0.7%, while Nvidia shares lost 1.18%.
Up to Thursday’s close, Nvidia shares had risen more than 27% since its blockbuster earnings report on May 22, while the S&P 500 is up 0.9% in the same period.