Nvidia surpasses Apple to become world’s most valuable company

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North News

Chandigarh, November 6

Nvidia Corp surpassed Apple Inc. on Tuesday to become the world’s most valuable company, riding the continued boom in artificial intelligence that has captivated Wall Street, media reports said. Shares in the chip-making powerhouse climbed 2.9% to $139.93, boosting its market capitalization to $3.43 trillion, surpassing Apple’s $3.38 trillion.

According to the news outlet Forbes, Nvidia last briefly overtook Apple on October 25 but had not finished a trading session as the top company since June. Nvidia, which designs about 75% of the world’s AI accelerators, has benefited from surging demand for its graphics processing units (GPUs) that power generative AI tools such as OpenAI’s ChatGPT.

The increased demand has driven Nvidia’s earnings and stock prices to remarkable highs. The company’s net income skyrocketed from $2.3 billion in the first half of 2022 to $31.5 billion in the first half of 2024. Over the past two years, Nvidia’s share price has surged by 850%. Despite this growth, Nvidia’s stock is down 4.8% from its record closing high on October 21, while Apple shares have fallen 6.7% during the same timeframe, shifting the balance in market value, the news outlet further said.