Donald Trump’s return to the White House has had a bullish effect on certain American companies. Shares of chip making giant Nvidia moved north to close at a value of USD 3.65 trillion on Thursday, November 7.
This allowed Nvidia to not only overtake Apple as the world’s most valued company but also breach the USD 3.6 trillion-mark for the first time by any corporation.
The previous record stood with Apple, who, on October 21, recorded figures of USD 3.57 trillion.
As per reports, the Tim Cook-led company ended Thursday with a market value of USD 3.44 trillion. The iPhone maker saw its stock rise 2.1 percent before the market closed on November 7.
Since Trump’s victory — marking one of the greatest political comebacks in the US’ history — the S&P 500 technology index has reported growth of over 4 percent in the two sessions.
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Nvidia, which recently announced a partnership with Indian MNC Reliance to establish cutting-edge AI infrastructure in the country, has been the US stock market’s biggest winner in the last few days. It has overcome competition from Microsoft, Alphabet and other big technology companies.
Shri Mukesh Ambani and NVIDIA CEO Jensen Huang discuss India's emergence as a global innovation hub. 🇮🇳#Reliance #Jio #NVIDIAAISummit #AIRevolution #AI #India @nvidia pic.twitter.com/JqbemefIRN
— Reliance Jio (@reliancejio) October 25, 2024
While Nvidia’s stock has jumped 12 percent in November, it has simultaneously witnessed its value triple this year.
Nvidia isn’t the only company that has profited from Trump’s return. The US President-elect’s star campaigner, Elon Musk, too benefited.
The stock of Tesla — billionaire Musk’s automotive and clean energy company — rose over 14 percent on Wednesday, November 6, in early trade on Nasdaq, making it one of the biggest winners in the S&P 500 index, as per reports.
ALSO READ: Trump effect: Tesla stock surges 14 percent after Republican win
The Austin-based multinational saw its stock jump 14.5 percent in early trading to post USD 287.93 a share, just hours after Trump won.
