Nvidia poised to overtake Apple’s top spot in market value

Nvidia’s shares reached a record high on Monday, pushing the AI chipmaker closer to overtaking Apple as the most valuable company in the world. Closing at $138.07, Nvidia’s stock surged 2.4%, driven by investor optimism around demand for both current and future AI processors. The company’s market value now stands at $3.39 trillion, just shy of Apple’s $3.52 trillion.

The fierce competition among leading tech firms has propelled Nvidia to become Wall Street’s biggest success story in the AI race. In June, the company briefly held the title of the world’s most valuable firm before being overtaken by Microsoft. Analysts from TD Cowen highlighted how major AI players face constant pressure to invest, fearing the risk of falling behind in the fast-evolving sector.

Nvidia has been working to meet increasing demand, despite delays in its upcoming Blackwell chip production. The company confirmed that production was postponed until the fourth quarter, although customers remain eager to purchase the current generation of chips. TD Cowen maintained Nvidia as its ‘Top Pick’, with a $165 price target, citing the ongoing demand for its processors.

As Apple and Microsoft also recorded gains, Nvidia, Apple, and Microsoft now account for nearly a fifth of the S&P 500’s total weight. Taiwan Semiconductor, which manufactures Nvidia’s processors, is expected to report a 40% rise in profits later this week, further reflecting the soaring demand for AI technology. Nvidia’s revenue is projected to more than double to approximately $126 billion this year, supported by spending on AI data centres.