Nvidia Stock Rockets to Reclaim Title as World’s Most Valuable Company
Nvidia surges past Apple to become the leading global company by market capitalization, driven by booming AI chip demand.
Highlights
- Nvidia's shares surged on Tuesday, propelling the chip giant back to the pinnacle of the world's most valuable companies by market cap, surpassing Apple.
- This year, Nvidia, Apple, and Microsoft have fiercely competed for the crown, each boasting market valuations exceeding $3 trillion.
- The skyrocketing demand for Nvidia’s AI-powered chips has fueled unprecedented revenue growth and record-breaking stock prices.
On Tuesday, Nvidia (NVDA) shares climbed, restoring its position as the world’s most valuable company by market capitalization, overtaking Apple (AAPL).
The stock jumped 2.4% during intraday trading, boosting Nvidia’s market value to approximately $3.44 trillion, while Apple’s market cap trailed at around $3.37 trillion with a modest 0.6% increase in its shares.
Nvidia’s reclaiming of the top spot follows a brief lead over Apple on Monday. Throughout 2024, Nvidia, Apple, and Microsoft (MSFT) have been the only firms with market caps exceeding $3 trillion, with Microsoft’s shares rising about 1.5% on Tuesday, valuing the company near $3.08 trillion.
Since the start of the year, Nvidia’s stock has more than doubled as major tech players like Meta (META) and Alphabet (GOOGL) ramp up investments in AI technologies, driving demand for Nvidia’s chips and pushing revenue and stock prices to new heights.
Analysts at William Blair raised their revenue and profit forecasts for Nvidia over the next two fiscal years on Monday, highlighting optimistic outlooks from tech executives who anticipate sustained increases in AI infrastructure spending.
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