Nvidia, the AI chip and GPU maker, has once again surpassed Apple to become the most valuable company on the planet. During Tuesday’s trading, Nvidia surpassed Apple in market cap to claim the top step.
Nvidia shares saw a noteworthy surge Tuesday as its share rose by 3% to $139.91, taking its market cap to $3.43 trillion, the most in the world. However, it’s worth noting that Apple’s shares also rose, but only by 0.65% to $223.45. This took Apple’s market cap to a respectable $3.37 trillion, making it the second most valuable company on the planet as of now.
Nvidia had already surpassed Apple and other tech giants to become the most valuable company in June 2024. However, this was short-lived and quickly, Nvidia fell from the pedestal. However, now, a case can be made that Nvidia is here to stay. The company is currently worth more than Amazon and Meta combined, which is massive.
Nvidia’s shares have surged 190% in 2024 and 850% since 2022, driven by major tech companies investing in its AI technology, central to systems like ChatGPT and Google’s Gemini. Nvidia will replace Intel in the Dow Jones Industrial Average on November 8, 2024. The company will report its Q3 fiscal 2025 financials on November 20, following a strong Q2 with revenue doubling to $30.04 billion, exceeding expectations.
One major reason for the company’s revenue of over $30 billion is its proficiency in making state-of-the-art AI chips, and some of the best GPUs money can buy. Their RTX 4090 gaming GPU has been selling like hotcakes since its introduction.
