Nvidia has officially dethroned Apple as the world’s most valuable company, thanks to a significant surge in its stock price driven by soaring demand for its specialized artificial intelligence (AI) chips. On Friday, Nvidia’s market value briefly hit $3.53 trillion, surpassing Apple’s $3.52 trillion, according to data from LSEG.
By the end of the trading day, Nvidia’s stock had risen by 0.8%, resulting in a market valuation of $3.47 trillion, while Apple saw a 0.4% increase, bringing its value to $3.52 trillion. This shift marks a notable moment in the ongoing battle among major tech firms for dominance in the market.
Earlier this year in June, Nvidia briefly claimed the title of the world’s most valuable company, only to be overtaken by both Microsoft and Apple shortly after. The competition among these tech giants has been fierce, with their market capitalizations often closely aligned.
Microsoft, which is also a key player in the AI landscape, has a market value of approximately $3.18 trillion, following a 0.8% increase in its stock price. As the leading supplier of processors for AI computing, Nvidia has positioned itself as a primary beneficiary in the race among tech giants like Microsoft, Alphabet, and Meta Platforms to establish themselves in the rapidly evolving AI sector.
Nvidia’s rise is a clear indication of the growing importance of AI technology in today’s economy, with investors eager to capitalize on the company’s role in shaping the future. As the demand for AI solutions continues to expand, Nvidia’s leadership in this space could pave the way for even greater achievements ahead. The tech world will be watching closely to see how this competition unfolds.
