Nvidia has outpaced Apple to take the lead as the most valuable company globally, following a robust stock surge driven by unprecedented demand for its advanced AI processors.
For a brief period, Nvidia’s valuation hit an impressive $3.53 trillion, inching just above Apple’s $3.52 trillion, as reported by LSEG. By day’s end, Nvidia’s valuation settled at $3.47 trillion, while Apple’s stood at $3.52 trillion, showing a close competition.
Nvidia briefly held the top spot in June, overtaking both Microsoft and Apple, although the three tech giants have maintained closely aligned market values for some time. Microsoft’s valuation currently sits at $3.18 trillion, with its stock rising alongside Nvidia’s and Apple’s by 0.8%.
Nvidia has cemented itself as a key player in AI, emerging as a leader in supplying high-performance processors essential for artificial intelligence applications. With long-standing expertise in gaming processors, Nvidia has seen its stock rise about 18% in October alone, largely due to a $6.6 billion funding round announcement from OpenAI, creator of ChatGPT.
According to Russ Mould, investment director at AJ Bell, Nvidia’s advantageous position in the growing AI market has created a favorable environment for continued growth, especially as businesses worldwide increase investment in AI technologies, contingent on a stable economic outlook in the U.S.
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