Nvidia dethroned Apple on Friday and broke its previous record as the most valuable business in the world after a record-breaking stock gain driven by the unquenchable demand for its specialist artificial intelligence technology.
LSEG statistics revealed that Nvidia’s stock market value momentarily surpassed Apple’s $3.52 trillion, reaching $3.53 trillion.
With a market value of $3.47 trillion after the day, Nvidia was up 0.8%, while Apple’s stock increased 0.4%, bringing the iPhone manufacturer’s value to $3.52 trillion.
Nvidia briefly held the top spot in the world’s valuation in June before being surpassed by Apple, and Microsoft. The market capitalizations of the three tech companies have been closely tied for several months.
With its stock up 0.8%, Microsoft’s market worth was $3.18 trillion.
The Silicon Valley chipmaker is the leading provider of processors for AI computing, and it has emerged as the clear victor in a competition to control the new technology between Microsoft, Alphabet, Meta Platforms, and other titans.
Laptops 1000Known for designing videogame processors since the 1990s, Nvidia’s stock has increased by roughly 18% so far in October.
These gains have come after ChatGPT’s founder, OpenAI, announced a $6.6 billion fundraising round.
The data storage company Western Digital, announced quarterly profit that exceeded analysts’ projections, boosting optimism about data center demand and boosting Nvidia and other semiconductor stocks on Friday.
The demand for Nvidia chips is still high, according to Russ Mould, investment director at AJ Bell, as more businesses adopt AI in their daily operations.
“It is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia.”
