The market value of Nvidia’s shares at the moment reached $3.53 trillion, slightly exceeding Apple’s $3.52 trillion.
US company Nvidia overtook Apple to become the world’s most valuable company after a record share surge driven by strong demand for its AI chips. It was reported by Reuters.
According to LSEG, the market value of Nvidia shares at the moment reached $3.53 trillion, slightly exceeding Apple’s $3.52 trillion.
On October 25, Nvidia rose 0.8%, with a market value of $3.47 trillion, while Apple shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.
As you know, in June Nvidia became the most valuable company in the world until it was overtaken by Microsoft and Apple.
Microsoft’s market value is $3.18 trillion, and its shares are up 0.8%.
Nvidia is a leading supplier of processors used in artificial intelligence computing, and the company has emerged as the biggest winner in the race between Microsoft, Alphabet, Meta Platforms* and other powerhouses to dominate emerging technologies.
Last week, Nvidia shares hit another all-time high, continuing their rapid growth. The jump comes after Taiwan Semiconductor Manufacturing, which counts Nvidia as one of its biggest customers, last week said demand for AI was “real” and “sustainable.”
The company’s shares were also affected by news that South Korean company SK Hynix, Nvidia’s largest supplier, announced a record quarterly profit driven by strong demand for HBM memory.
According to AJ Bell’s chief investment officer Russ Mould, more companies are now introducing artificial intelligence into their daily operations, and demand for Nvidia chips remains high.
“It is certainly in a strong position, and as we move away from the severe economic downturn in the US, the sense is that companies will continue to invest heavily in artificial intelligence capabilities, creating a tailwind for Nvidia,” said the expert.
Recall that in September, Nvidia shares fell to a record high due to an antitrust investigation. The US antitrust regulator is concerned that Nvidia is making it difficult to switch to other suppliers and penalizing consumers who do not exclusively use its artificial intelligence chips.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.