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NVIDIA shares closed at a pre-split record of $1,224.40 on June 5, 2024, gaining 5.2% and briefly giving the company a market value above Apple’s. The rally was primarily an earnings and artificial-intelligence demand story: NVIDIA’s revenue had surged 262% year over year, Data Center revenue had climbed 427%, and investors were raising expectations for continued spending on AI infrastructure. The 10-for-1 split changed the number and quoted price of shares, but it did not make NVIDIA cheaper, increase its market value, or improve its underlying business.
Publication context: The market events and prices in this article refer to June 2024. Later financial statements and historical price charts generally show NVIDIA prices and per-share figures on a split-adjusted basis.
Why NVIDIA shares were rallying in June 2024
The immediate catalyst was NVIDIA’s fiscal first-quarter 2025 report, released on May 22, alongside the split announcement. The results showed that demand for the company’s data-center accelerators was still expanding at an extraordinary rate.
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| Fiscal Q1 2025 measure | Reported result |
|---|---|
| Revenue | $26.044 billion, up 262% year over year |
| Data Center revenue | Approximately $22.6 billion, up 427% year over year and 23% sequentially |
| GAAP net income | $14.881 billion |
| GAAP diluted earnings per share | $5.98, up 629% year over year |
| Non-GAAP diluted earnings per share | $6.12, up 461% year over year |
| GAAP gross margin | 78.4% |
| Fiscal Q2 revenue guidance | $28.0 billion, plus or minus 2% |
NVIDIA said demand was being driven by generative-AI training and inference on its Hopper platform, and described its next-generation Blackwell platform as being in full production. The company’s results and guidance gave investors a reason to believe that the AI infrastructure cycle could continue rather than quickly fade after the first wave of spending.
Contemporaneous market coverage reported that NVIDIA was up approximately 147% year to date by June 5 and nearly 30% from its May 22 earnings release. Demand for its AI processors was outstripping supply as Microsoft, Meta and Alphabet expanded their AI infrastructure. NVIDIA added nearly $150 billion in market value in the June 5 session, according to Reuters reporting carried by Investing.com.
At the June 5 close, NVIDIA was valued at approximately $3.012 trillion, narrowly above Apple at approximately $3.003 trillion. Microsoft remained larger at approximately $3.15 trillion. Those rankings were snapshots determined by changing share prices, not permanent corporate designations.
The price record: pre-split and split-adjusted figures
Price comparisons around a stock split are easy to get wrong. A pre-split price near $1,200 and a post-split price near $120 can both describe the same economic value. The difference is the number of shares into which each original share was divided.
| Date | Reported quote | Split basis | Equivalent on the other basis |
|---|---|---|---|
| June 5, 2024 | $1,224.40 close | Pre-split | Approximately $122.44 after the split |
| June 7, 2024 | $1,208.88 close | Pre-split | Approximately $120.89 after the split; some coverage rounded it to $120.88 |
| June 10, 2024 | Approximately $120 per share | First split-adjusted trading session | — |
The June 5 figure is the official closing price reported in the Reuters market report. A Forbes report cited NVIDIA trading around $1,199 during the session. Those numbers are not necessarily inconsistent: one is an intraday snapshot and the other is the official close. A record can also mean an intraday high, a record close, or a later price adjusted for the split, so the basis and time must always be stated.
On June 7, NVIDIA closed at $1,208.88 before the split. When split-adjusted trading began, that historical close was represented as roughly $120.89 per share; Yahoo Finance reported the converted figure as $120.88, reflecting rounding. Neither figure means that shareholders lost roughly 90% of their investment. Their share count increased tenfold at the same time.
What the 10-for-1 split actually changed
For every one pre-split NVIDIA common share, an investor received nine additional shares, ending with 10 shares. The theoretical per-share price was divided by 10.
| Position before the split | Position after the split |
|---|---|
| 1 share at approximately $1,200 | 10 shares at approximately $120 each |
| 10 shares worth approximately $12,000 | 100 shares at approximately $120 each |
| The same percentage ownership of NVIDIA | The same percentage ownership of NVIDIA |
In both examples, the total position is approximately $12,000 immediately before and immediately after the mechanical adjustment. The company’s market capitalization is unchanged, and the investor owns the same fraction of the company. The split does not improve earnings, cash flow, gross margin, competitive position or valuation multiples.
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NVIDIA’s stock-split FAQ said that the total value of an investor’s holdings and the investor’s proportional ownership would remain unchanged. The split also increased NVIDIA’s authorized common shares from 8 billion to 80 billion. That was a change in the number of shares the company was authorized to issue, not an automatic tenfold issuance that diluted existing owners. NVIDIA’s SEC filing states that the charter amendment became effective at 4:01 p.m. Eastern Time on June 7, 2024.
Important NVIDIA split dates
| Event | Date | What it meant |
|---|---|---|
| Split announced | May 22, 2024 | Announced with fiscal Q1 2025 results |
| Split record date | June 6, 2024 | Holders at the close were entitled to nine additional shares for each share held |
| Distribution and legal effective date | June 7, 2024 | The additional shares were distributed after the market close; the charter amendment became effective at 4:01 p.m. ET |
| Split-adjusted trading began | June 10, 2024 | NVIDIA began trading at approximately one-tenth of its pre-split quoted price |
| Dividend record date | June 11, 2024 | A separate date for the cash dividend |
| Dividend payment date | June 28, 2024 | Dividend paid at $0.01 per post-split share |
The record date, effective date, distribution date and first adjusted trading date describe different parts of the corporate action. Treating June 6, June 7 and June 10 as interchangeable can lead to mistakes when interpreting a brokerage statement or a trade.
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Did investors need to buy NVIDIA before June 6?
NVIDIA’s FAQ stated that holders of common stock at the close of market on Thursday, June 6, 2024, would receive nine additional shares for each share held after the close on June 7. It also stated that investors who sold on or before June 7 would not receive the additional shares, regardless of the normal settlement date.
That does not make the slogan buy before the record date a complete trading instruction. Purchases or sales made around the record and distribution dates could be subject to broker processing, special distribution procedures and due-bill treatment. A due bill is an obligation attached to certain trades when a distribution has been declared but has not yet been delivered. FINRA discusses stock distributions, ex-dates and related settlement rules in Rule 11140.
For an ordinary shareholder who held through the action, the broker generally handled the adjustment automatically. Anyone who traded on June 6 or June 7, used extended-hours orders, held shares on margin, transferred shares between brokers, or owned stock through an employer plan or custodial account should have checked the broker’s corporate-action instructions. Broker records could also take time to display the adjusted share count.
Most importantly, buying before the split did not create a better economic bargain. If the pre-split price was $1,200, buying one share before the split produced 10 shares worth about $120 each afterward. Buying one post-split share produced one-tenth of that economic exposure. Any difference in outcome came from the market’s movement, taxes, spreads, commissions, timing or broker processing—not from the split itself.
What happened to NVIDIA’s dividend?
The dividend was a separate corporate action announced alongside the split. NVIDIA increased its quarterly cash dividend by 150%, from $0.04 to $0.10 per pre-split share. After the share count increased tenfold, that became $0.01 per post-split share.
The dividend had a record date of June 11 and a payment date of June 28. The split record date was June 6, so an investor should not confuse eligibility for the additional shares with eligibility for that dividend. The dividend increase also did not turn NVIDIA into a high-yield income investment; the post-split payment was only one cent per share.
Did the split make NVIDIA cheaper?
It made one share cheaper in the narrow, nominal sense. It did not make NVIDIA cheaper relative to its business.
For example, dividing both the share price and earnings per share by 10 leaves the price-to-earnings ratio unchanged. The same applies to price-to-sales and other per-share valuation comparisons. A stock at $120 can be more expensive on those measures than a stock at $1,200 if the underlying earnings and ownership proportions differ. The correct question was not whether investors could afford one share, but what price the market was assigning to NVIDIA’s future earnings, cash flow and competitive position.
What the split could help with
- Whole-share access: A quoted price near $120 was easier for investors without access to fractional-share trading than a four-digit price.
- Employee awards: A lower nominal share price made it easier to express employee equity awards in whole-share units.
- Psychological accessibility: Some investors perceive a $120 share as more approachable than a $1,200 share, even though that perception does not change valuation.
- Market visibility: A lower quote could increase retail attention or trading activity, but neither outcome was guaranteed.
NVIDIA described accessibility for employees and investors as a purpose of the split. The accessibility argument was less decisive than it once would have been because many brokers already offered fractional shares, but the lower quoted price could still matter for whole-share purchasing and employee compensation.
What the split did not do
- It did not increase NVIDIA’s market capitalization.
- It did not increase an existing shareholder’s percentage ownership.
- It did not improve revenue, earnings, cash flow, margins or product performance.
- It did not change NVIDIA’s price-to-earnings or price-to-sales ratio.
- It did not guarantee a post-split rally.
- It did not create extra value by giving investors nine free shares; the per-share value adjusted at the same time.
FINRA’s stock-split guidance makes the same central point: a split changes the share count and price per share, not the company’s value. Future performance depends on the business and the market.
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Options were adjusted differently from ordinary shares
Options traders should not assume that an existing contract kept its old strike price after the split. The Options Clearing Corporation’s adjustment memo stated that, effective June 10, 2024:
- The relevant option symbols remained NVDA, 1NVDA and 2NVDA.
- Strike prices were divided by 10.
- The deliverable remained 100 NVIDIA shares per contract.
- The contract multiplier remained 100 for premium calculations.
Thus, a pre-split $1,000 strike became a $100 strike. The contract still represented 100 shares, but those shares were worth approximately one-tenth as much each. Options positions can have additional broker-specific display and accounting details, so traders should review the OCC memo and their broker’s adjusted-contract notice rather than relying on the old strike shown in a chart.
What happened to fractional shares?
NVIDIA said it would not issue fractional shares in connection with the split and directed investors with fractional positions to consult their brokerage firms. Broker treatment was not necessarily uniform. A broker could carry a fractional position through the action, cash it out, apply its own rounding policy or temporarily delay the display of the adjusted position.
Investors should check the broker’s corporate-action record, especially if they held a fractional position through a recurring investment program, an employer plan or a custodial account. A cash payment for a fractional entitlement can also have tax and cost-basis consequences that differ from the treatment of whole shares.
Cost basis and tax considerations
A stock split is generally not taxable under U.S. federal tax rules by itself, according to NVIDIA’s FAQ, but the company advised investors to consult a tax professional about state, local and individual circumstances. This is general information, not individualized tax advice.
For a simple whole-share position, the total cost basis generally remains the same and is allocated across 10 times as many shares. A $1,000 basis in one pre-split share would ordinarily become a $1,000 total basis spread across 10 post-split shares, or approximately $100 per share. Investors should confirm the adjusted basis shown by their broker and retain records for employer stock, options, fractional-share cash-outs and transfers between accounts.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The risks behind the AI-growth story
The split was a mechanical change. The investment case depended on whether NVIDIA could convert exceptional AI demand into sustainable revenue, earnings and cash flow. Several risks were already visible in the company’s filings.
Customer concentration
NVIDIA’s fiscal Q1 2025 Form 10-Q reported that two direct customers represented 13% and 11% of total revenue. It also reported two indirect customers that each represented at least 10% of revenue. This does not mean every large customer was disclosed by name or that the percentages should simply be added together, but it does show the importance of a relatively small number of major buyers and channel partners.
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If a hyperscaler reduced its AI capital spending, delayed deployments, changed product mix or shifted to another supplier, quarterly revenue could be affected. Strong aggregate AI demand did not eliminate customer-specific concentration risk. The relevant disclosures are in NVIDIA’s April 28, 2024 Form 10-Q.
Supply-chain and advanced-packaging dependence
NVIDIA’s 2024 annual report described a supply chain concentrated in the Asia-Pacific region. The company used TSMC and Samsung for semiconductor wafers, purchased memory from Micron, SK Hynix and Samsung, and relied on third-party partners for packaging and assembly.
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That meant demand alone was not enough. NVIDIA also had to secure wafers, high-bandwidth memory, advanced packaging, networking components and system-level production capacity. Disruptions, shortages, geopolitical events or an inability to scale packaging could delay shipments even when customers were ready to buy. The company’s 2024 Form 10-K describes these supply-chain exposures.
Export controls and China
NVIDIA’s Q1 filing said Data Center revenue in China had declined significantly after U.S. export restrictions introduced in October 2023. The filing warned that further restrictions could limit sales, disrupt supply and distribution, increase compliance costs and encourage customers to use competitors or develop internal solutions.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteRisks included additional U.S. controls, Chinese government responses, redesigned products for restricted markets, lost market share to domestic alternatives and restrictions affecting networking products as well as GPUs. AI demand outside China could remain strong while the company still faced meaningful geographic and regulatory risk.
Competition and customer-built chips
NVIDIA identified AMD, Intel, Huawei, cloud providers and other accelerated-computing suppliers as competitors. Large cloud customers were also developing custom chips and other alternatives. NVIDIA’s advantage extended beyond individual GPUs to networking, software, developer tools and a broad ecosystem, but that advantage had to be maintained.
Investors therefore needed to consider the possibility that hyperscalers would reduce dependence on one supplier, AMD or other competitors would improve their accelerators, and more efficient AI models would eventually require less hardware for some workloads. None of those risks disproved the 2024 growth story, but they mattered to the valuation investors were willing to pay for future growth.
What investors needed to watch after the split
- Data Center growth: Whether customer AI spending remained broad and durable rather than concentrated in a few unusually large orders.
- Blackwell execution: Whether the new platform reached customers on schedule and generated the expected demand.
- Gross-margin sustainability: Whether product transitions, system sales, supply costs and competition pressured the unusually high margins.
- Supply capacity: Whether NVIDIA and its partners could secure wafers, memory, advanced packaging and networking components.
- Export rules: Whether new restrictions reduced the addressable market or required less competitive product designs.
- Competition: Whether custom chips, AMD, Intel, Huawei or other solutions began taking meaningful workloads.
- Valuation: Whether earnings and cash flow grew fast enough to support the market’s expectations. The lower post-split share price did not answer that question.
Primary documents and further reading
The most useful sources for the corporate action are NVIDIA’s fiscal Q1 2025 results and split announcement, its stock-split FAQ and the SEC filing confirming the charter amendment. NVIDIA’s risk disclosures appear in its Q1 Form 10-Q and 2024 Form 10-K. Options traders should use the OCC adjustment memo, while investors reviewing settlement and due-bill questions can consult FINRA Rule 11140.
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Frequently Asked Questions
Did the NVIDIA stock split make the company cheaper?
No. It reduced the quoted price of each share by approximately 90% while increasing the number of shares tenfold. NVIDIA’s market capitalization, price-to-earnings ratio, price-to-sales ratio and each shareholder’s proportional ownership were unchanged by the split itself.
Did investors have to buy NVIDIA before June 6, 2024?
NVIDIA said shareholders of record at the close on June 6 would receive nine additional shares for each share held after the June 7 distribution. Trades made around June 6 and June 7 could involve broker processing and due-bill rules, so investors should verify the treatment with their broker rather than rely on a simple buy-before-the-record-date rule.
What happened to NVIDIA options in the 10-for-1 split?
Under the OCC adjustment effective June 10, 2024, NVIDIA option strike prices were divided by 10, while the deliverable remained 100 NVIDIA shares per contract and the multiplier remained 100. A pre-split $1,000 strike therefore became a $100 strike.
Was the NVIDIA stock split taxable?
NVIDIA said a stock split is generally not taxable under U.S. federal law by itself, but tax treatment can depend on the investor and jurisdiction. The total cost basis generally remains the same and is spread across the increased share count. Investors should confirm basis, fractional-share and employer-plan treatment with their broker or tax adviser.
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Bottom line: NVIDIA’s June 2024 rally was mainly an earnings, AI-demand and future-growth story. The 10-for-1 split made the per-share quote look more accessible—about $1,224 became about $122 on a split-adjusted basis—but it did not create value, lower NVIDIA’s valuation or guarantee further gains. The questions that mattered after the split were whether AI spending, Blackwell execution, margins and supply could support the price investors were already paying, while customer concentration, export controls and competition remained significant risks.
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