Nvidia on Cusp of Topping Intel in Market Cap After 70% Gain

(Bloomberg) -- Nvidia Corp. is close to surpassing Intel Corp. in market for the first time after shares of the graphics chipmaker soared this year.

Nvidia has gained more than 70% in 2020 as investors bet the coronavirus pandemic has accelerated a shift to cloud-based digital services that use its technology.

The rally has added more than $100 billion in , giving Nvidia a market capitalization of about $245 billion. Intel has a market of $249 billion and its shares are down roughly 2% so far this year.

The milestone would make Nvidia the third-largest chipmaker by market capitalization, after Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.

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