Nvidia achieves record rise in 2024 before Apple reclaims top spot
(MENAFN) 2024 will be remembered as a transformative year for Nvidia, with the chipmaking giant experiencing a meteoric rise in market capitalization, driven by a surge in demand for its GPUs and the growing excitement around artificial intelligence technologies.
On November 7, Nvidia reached an extraordinary milestone, becoming the first company to achieve a market value of USD3.6 trillion. The company's rapid ascent was largely fueled by investor optimism following the election of Donald Trump, which raised expectations of tax cuts and reduced regulations that could benefit the tech sector.
However, the competition for market leadership took a dramatic shift on December 23, when Apple surpassed Nvidia, reclaiming the top spot with a valuation of approximately USD3.85 trillion. This boost was attributed to renewed excitement surrounding Apple’s AI-focused projects and a strong recovery in iPhone sales.
At the close of 2024, Nvidia’s market value stood at USD3.28 trillion, marking an impressive gain of USD2 trillion from the previous year, securing its place as the second-most valuable publicly traded company in the world, just behind Apple.
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