Nvidia shares began trading at around $120 on Monday morning after the powerhouse chipmaker split its shares.
Nvidia’s 10-for-1 stock split reduced the company’s share price by 10, which previously stood at around $1,200. The split makes Nvidia shares more affordable without diluting investors’ holdings or the company’s value.
The chipmaker’s shares fell slightly on Monday morning to $117.60 after opening at $120.35. However, by late morning it had recovered to $122.38.
Nvidia, whose processors are highly sought after by companies developing artificial intelligence (AI), reached a market capitalization of $3 billion for the first time last week and overtook Apple as the second most valuable company in the world.
The milestone is the latest in Nvidia’s meteoric rise. The company hit the $1 trillion mark last year and the $2 trillion mark just a few months ago.
The company’s chips are key to driving the AI boom, as major technology companies race to develop and launch their own AI models. However, Nvidia’s dominance has drawn scrutiny from federal regulators, with the Department of Justice (DOJ) reportedly investigating the chipmaker.
Other companies with big roles in the AI boom – Microsoft and OpenAI – are also being investigated by the Federal Trade Commission (FTC).
This story originally appeared on thehill.com read the full story
