NVDA: Nvidia Stock Soars 30% in May. Only $250B in Value Needed to Overtake Apple.

Shares of Nvidia picked up nearly $700 billion in market cap last month, putting chip giant on track to become the world’s second-largest company.

• Nvidia stock NVDA is blasting off the chart quarter after quarter, month after month. In May alone, the bulldozing AI giant skyrocketed more than 30%, adding $700 billion to its market capitalization. What’s more, it’s just about $250 billion, or 10%, shy of dethroning Apple AAPL from the second place in the world’s biggest companies. Nvidia is now worth $2.7 trillion while Apple is valued at $2.95 trillion.
• Nvidia positioned itself as the overarching AI player responsible for the expansion of data centers building out the foundational layer of artificial intelligence. The company boasts clients such as Microsoft MSFT, Tesla TSLA, Google GOOGL, and privately-held ChatGPT parent OpenAI. With that powerful lineup of loyal buyers, Nvidia is selling AI-enabled chips worth billions and billions.
• Apple, on the other hand, has faced severe headwinds with a monopoly lawsuit keeping a lid on optimism. Further, falling sales in China are hurting the growth prospects, and there is no AI narrative to spark excitement. In a nutshell, investors don’t see too many reasons to pile into the iPhone maker’s stock and hence its disappointing performance — shares are up a yawning 3% on the year.