Chip-making giant Nvidia has surpassed Apple to become the world’s most valuable company, driven by the ongoing surge in artificial intelligence (AI) development.
Nvidia’s stock rose by 2.9%, reaching $139.93 per share, which boosted its market capitalization to $3.43 trillion, overtaking Apple’s $3.38 trillion. While Nvidia briefly held the top spot in June, this marks its return to the coveted position.
Currently, Nvidia’s market value is greater than the combined worth of Amazon and Meta.
The company has become a key player in the AI revolution, with major tech firms investing billions into Nvidia’s cutting-edge chips, which are essential for powering generative AI models like OpenAI’s ChatGPT and Google’s Gemini.
On Friday, Nvidia will be added to the Dow Jones Industrial Average, further cementing its remarkable ascent. Since the end of 2022, Nvidia’s share price has soared more than 850%, fueled by the AI boom sparked by ChatGPT’s debut.
