NVIDIA Surpasses Apple as World‘s Most Valuable Company
Nvidia's market value once reached 3.53 trillion US dollars, surpassing Apple's 3.52 trillion US dollars to become the world's most valuable company.
Nvidia temporarily surpassed Apple to become the world's most valuable company in Friday's trading, thanks to strong demand for its specialized artificial intelligence technology. Nvidia's market value once reached $3.53 trillion, slightly higher than Apple's $3.52 trillion, according to LSEG data.
Nvidia closed up 0.8% on the day, with a market value of $3.47 trillion, while Apple's stock price rose 0.4% to a market value of $3.52 trillion. Technology giants such as Nvidia, Apple and Microsoft have helped Wall Street hit new highs this year, and the market value of these companies is almost the same.
Since June, Nvidia has briefly become the world's most valuable company, but has since been surpassed by Microsoft and Apple. The market value of these three technology companies has been almost the same in the past few months.
Microsoft's market value is $3.18 trillion, and its stock price rose 0.8%. As the main supplier of processors for artificial intelligence computing, Nvidia has become the clear winner in the competition with technology giants such as Microsoft, Alphabet and Meta Platforms.
Nvidia, which has focused on designing video game processors since the 1990s, has seen its shares rise by about 18% in October. The rise in the company's shares is related to OpenAI's announcement of a $6.6 billion financing, which boosted market sentiment.
Nvidia and other semiconductor stocks also rose on Friday after Western Digital announced quarterly profits that exceeded analyst expectations, which boosted market confidence in data center demand.
Russ Mould, investment director at AJ Bell, said: "As more and more companies begin to incorporate artificial intelligence into their daily operations, demand for Nvidia chips remains strong. There is no doubt that Nvidia is in a good stage of development, and as long as the United States avoids a major economic collapse, companies will continue to make extensive investments in the field of artificial intelligence, which will provide strong support for Nvidia."
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