Nvidia Corp. is on pace to become the seventh largest U.S. company by market capitalization, as it is on pace to move ahead of Berkshire Hathaway Inc.
are up 0.4%. If the gains hold through the close, Nvidia would finish with a market capitalization of $661.3 billion, ahead of the $650.3 billion for Warren Buffett’s Berkshire.
Tuesday’s stock movement extends a strong rally for Nvidia shares, which have more than doubled over the past year and risen nearly 7500% over the past decade. In comparison, Berkshire shares are up about 40% in the past year and up 270% over a 10-year span.
Nvidia has gained almost $530 billion in market value off its pandemic low set March 16, 2020, according to Dow Jones Market Data. Since hitting that pandemic low, Nvidia has added more in market cap than the current market values of Visa Inc.
JPMorgan Chase & Co.
and Walmart Inc.
The company’s market-cap gains since the March 2020 low are also larger than the combined market values of Intel Corp.
and Broadcom Inc.
per Dow Jones Market Data. The gains amount to a figure just shy of Taiwan Semiconductor Manufacturing Co. Ltd.’s
current market value, which stands at about $553 billion.
Nvidia could be a beneficiary of increased spending by Facebook-parent Meta Platforms Inc.
which gave a higher-than-expected forecast last week for its capital expenditures. The social-media company is focusing on using artificial intelligence and machine learning to beef up its recommendations for users, a trend that some analysts think will result in new business for Nvidia.