Nvidia Corp. has overtaken Meta Platforms Inc. for the first time to become the seventh-largest U.S. company. The reshuffling of the most recent trade period saw a few companies move around, however, Nvidia’s, $NVDA saw a swift ascent over the last few years and that combined with Meta’s recent lapse, which has cut $267 billion from the company’s market value, saw the two change places.
According to Dow Jones Market Data, Nvidia’s market value currently sits at $618.2 billion, while Meta’s, on the other hand, is $612.2 billion. The GPU inventor’s shares ended up 1.7% in the latest trade session, while Meta’s stock lost 5.1%. This places Nvidia behind Berkshire Hathaway Inc. BRK.A BRK.B , which closed off its trading value with a staggering $706.97 billion.
Nvidia has been making rapid progress on the market-cap leaderboard with solid traction for its gaming side, as well as data-centre business, resulting in skyrocketed financial performance.
Dow Jones Market Data also revealed that Nvidia was the 15th-largest United States company one year ago and the 50th-largest two years ago.
Speaking of Meta, it recently showcased a series of business challenges that it expects might hamper results. These pressures contributed to Meta’s unexpected weak outlook which sent its shares falling to their worst performance on record.
Meta is currently feeling the weight of Apple’s recent privacy-related changes. The AAPL limits the ability of third parties to track user activities online. Also, Meta is struggling with changing its user preferences which were brought on by TikTok’s rise. And although Meta has its own TikTok-like feature in Reels, the company still has plenty to do in order to improve its Reel’s potential revenue.
With the rise of the metaverse, Meta could once again regain its place ahead of Berkshire and Nvidia, assuming it succeeds in its metaverse plans and lives up to its potential as ‘the future of the internet’. Nvidia hasn’t been without recent setbacks in their plans, recently cancelling their record-breaking Arm acquisition following US FTC investigations.