Nvidia Corp. (NVDA) surpassed Intel Corp. (INTC) as the largest U.S. chip maker by market cap for the first time on Wednesday. Nvidia shares closed up 3.5% at $408.64, giving it a market cap of $251.31 billion, while Intel shares finished up 0.5% at $58.61, giving it a market cap of $248.16 billion, according to FactSet data. For the year, Nvidia shares have gained 74% while Intel shares have slipped 2%, compared with a 11% gain in the PHLX Semiconductor Index , a 17% gain in the tech-heavy Nasdaq Composite Index , and a 1.9% decline in the S&P 500 index . While it is not the first time a U.S. chip maker has surpassed Intel in market cap, it is the first time for Nvidia. Back in 1999 and 2000, Texas Instruments Inc. (TXN) surpassed Intel in cap a few times, and between late 2012 and mid-2014 Qualcomm Inc. (QCOM) and Intel often jockeyed for the No. 1 position, according to Dow Jones data.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 08, 2020 17:23 ET (21:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.