Apple loses top spot as Nvidia takes market lead
The Nvidia’s valuation briefly topped $3.53 trillion, ahead of Apple’s $3.52 trillion.
Nvidia overtook Apple on Friday to become the world’s most valuable company, driven by soaring demand for its AI chips. The chipmaker’s market value briefly reached $3.53 trillion, slightly surpassing Apple’s $3.52 trillion. Nvidia closed the day at $3.47 trillion, while Apple ended with $3.52 trillion after a modest stock increase.
Market fluctuations among the tech giants have been ongoing for months, with Apple, Nvidia, and Microsoft exchanging positions. Microsoft’s market value currently stands at $3.18 trillion. Nvidia dominates the market for processors used in AI computing, competing with major players like Microsoft, Alphabet, and Meta for leadership in this rapidly expanding field.
The company’s stock has surged by 18% this month, partly fuelled by news of OpenAI raising $6.6 billion in fresh funding. Nvidia shares also benefited from optimism around data centre demand, boosted by Western Digital’s better-than-expected earnings report on Friday.
Investment analysts suggest Nvidia is well-positioned to thrive as AI adoption grows. Russ Mould from AJ Bell highlighted the company’s strategic advantage, noting that if the US economy remains stable, investment in AI technologies will continue, further supporting Nvidia’s success.
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