Nvidia surpasses Apple as world’s most valuable company
Date
10/27/2024 5:18:30 AM
(MENAFN) On Friday, Nvidia briefly surpassed Apple to become the world’s most valuable company as its stock reached record highs due to increasing demand for its new supercomputing chips. According to data from the London Stock Exchange Group cited by Reuters, Nvidia's market value reached USD3.53 trillion, while Apple's was USD3.52 trillion.
In the latest trading session, Nvidia's stock increased by 2.2 percent, putting its market value at USD3.52 trillion, while Apple’s stock also rose by 0.9 percent, reaching a valuation of USD3.54 trillion. Nvidia had previously held the top position in June before being overtaken by Microsoft and Apple, with the three tech giants’ market caps remaining close for several months. Microsoft’s market cap currently stands at USD3.20 trillion.
Nvidia shares have surged about 18 percent since October began, gaining momentum after OpenAI, the developer of ChatGPT, announced a USD6.6 billion funding round. Shares of Nvidia and other semiconductor firms also rose on Friday, spurred by Western Digital Inc’s better-than-expected quarterly earnings, which boosted optimism about the demand for data centers.
Russ Mould, Chief Investment Officer at AJ Bell, noted that more companies are now integrating AI into their operations, sustaining demand for Nvidia’s chips. Mould added that as long as the U.S. economy steers clear of a major recession, companies are likely to continue investing heavily in AI capabilities, creating favorable conditions for Nvidia. Nvidia shares reached an all-time high on Tuesday, extending last week’s rally after TSMC, the world’s largest contract chipmaker, posted a 54 percent rise in quarterly profit, surpassing expectations due to the robust demand for AI chips.
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