Nvidia dethroned Apple on Friday as the most valuable company in the world after a record rise in its shares. Nvidia is the fastest-growing company in the tech world over the past two years thanks to AI. Nvidia’s market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, according to LSEG data. Nvidia ended the day with a 0.8% increase in market value, while Apple’s shares rose by 0.4%. And that’s where the overtaking occurred. […]
Nvidia dethroned Apple on Friday as the most valuable company in the world following a record rise in its shares. Nvidia is the fastest-growing company in the tech world over the last two years thanks to AI.
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Nvidia’s market value briefly touched $3.53 billion, slightly above Apple’s $3.52 billion, according to LSEG data.
Nvidia ended the day with an increase of 0.8%, with a market value, while Apple’s shares rose by 0.4%. And that’s where the overtaking occurred.
Nvidia returns to the throne after doing so in the summer
In June, Nvidia briefly became the most valuable company in the world before being surpassed by Microsoft and Apple. The stock market capitalizations of the tech trio have been on par for several months.
The Silicon Valley chip manufacturer is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race among Microsoft, Alphabet, Meta Platforms, and other heavyweights to dominate the emerging technology.
Known since the 1990s as a processor designer for video games, Nvidia’s shares have risen by about 18% so far in October, with a series of gains occurring after OpenAI, the company behind ChatGPT, announced a $6.6 billion funding round.
Reasons for this unparalleled growth
Nvidia and other semiconductor stocks rose on Friday after the data storage manufacturer Western Digital announced quarterly earnings that exceeded analysts’ estimates, boosting optimism about data center demand.
Nvidia’s shares reached an all-time high on Tuesday, capitalizing on last week’s rally, when TSMC, the world’s largest contract chip manufacturer, reported a 54% increase in its quarterly profit, driven by the rising demand for chips used in AI.
In comparison, analysts’ forecasts for Nvidia point to a revenue growth of nearly 82%, reaching $32.9 billion.
The shares of Nvidia, Apple, and Microsoft have an outsized influence on the high-value tech sector, as well as on the U.S. stock market in general, as the trio accounts for approximately one-fifth of the weighting of the S&P 500 index.
Author: Chema Carvajal Sarabia
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