Nvidia briefly dethroned Apple on Friday, claiming the title of the world’s most valuable company after a record-setting stock rally fueled by unprecedented demand for its AI-specific chips.
According to data from LSEG, Nvidia’s market capitalization reached an all-time high of $3.53 trillion, just edging past Apple’s $3.52 trillion. By market close, Nvidia’s value was at $3.47 trillion, while Apple stood at $3.52 trillion.
The two tech giants, along with Microsoft, have been driving Wall Street’s remarkable gains in 2023, keeping their market capitalizations in close competition. Nvidia had previously hit the top spot in June before briefly being overtaken by Microsoft and Apple. Microsoft now holds a market value of $3.18 trillion, having climbed 0.8% on Friday.
Nvidia, initially known for gaming processors, has transformed into a leader in AI chip technology. Its recent 18% stock surge in October, partly following OpenAI’s $6.6 billion funding round, underscores investor confidence in AI’s growth potential. Russ Mould, investment director at AJ Bell, commented, “As long as the U.S. economy avoids a major downturn, companies are likely to keep investing heavily in AI, creating a powerful tailwind for Nvidia.”
