Nvidia briefly overtakes Apple as world’s most valuable company
Nvidia’s meteoric rise briefly propelled it to the top spot in the global market capitalization rankings, surpassing Apple as the world’s most valuable company. The blip was fueled by the overwhelming demand for its cutting-edge AI chips, which are driving advancements in artificial intelligence and supercomputing. The company’s stock price has experienced a remarkable surge, solidifying its position as a dominant force in the technology industry.
Reuters:
Nvidia’s stock market value briefly touched $3.53 trillion, while that of Apple was $3.52 trillion, according to data from LSEG.
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 $3.20 trillion.
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. Nvidia provides chips used to train so-called foundation models such as OpenAI’s GPT-4.
Nvidia’s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world’s largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.
MacDailyNews Take: Well that didn’t last long.
Current market values:
• Apple: $3.538 trillion
• Nvidia: $3.519 trillion
We await Reuters’ headline trumpeting Apple’s reclamation of the market cap throne with bated breath.
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