Nvidia overtakes Apple as world’s most valuable company
MNP – Nvidia dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.
Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed.
Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, while Apple’s shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.
In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft and Apple. The tech trio’s market capitalizations have been neck-and-neck for several months.
Microsoft’s market value stood at $3.18 trillion, with its stock up 0.8%.
The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet, Meta Platforms and other heavyweights to dominate the emerging technology.
Known since the 1990s as a designer of processors for videogames, Nvidia’s stock has risen about 18% so far in October, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion.
