In a landmark development, Nvidia has surpassed Apple to become the world’s most valuable company, achieving a peak market valuation of $3.53 trillion. This shift underscores Nvidia’s unprecedented growth, fueled by the booming demand for AI-powered technologies and chips that power advanced computing. Nvidia’s shares have soared nearly 190% in 2024, riding the wave of the generative AI boom and strong financial performances from data-driven sectors.
Nvidia’s success stems from its dominance in the production of specialized AI chips, which are crucial in powering services from tech giants such as Microsoft and OpenAI. The company is benefiting from a growing trend where enterprises increasingly integrate AI into daily operations, leading to sustained demand for Nvidia’s products. With AI poised to reshape industries, Nvidia is well-positioned as the go-to provider for hardware enabling AI growth.
Meanwhile, Apple’s market value stood slightly lower at $3.52 trillion as it faces challenges, particularly in smartphone markets like China, where demand for iPhones has softened amid rising competition from Huawei. Despite Apple’s modest 0.4% stock gain, Nvidia’s stock rose 0.8%, highlighting its momentum in investor sentiment.
This milestone reflects a changing technological landscape where companies like Nvidia, Microsoft, and Alphabet, which focus heavily on AI, are increasingly at the forefront. Market experts believe that as long as economic conditions remain stable, Nvidia will continue to capitalize on the expanding AI market, maintaining its newly gained leadership position in global market value.
