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    Home » Nvidia dethrones Apple as world’s most valuable company
    Nvidia’s stock surge
    Nvidia’s stock surge
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    Nvidia dethrones Apple as world’s most valuable company

    By Vionna Fiducia ThejaOctober 28, 2024No Comments3 Mins Read
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    • Nvidia surpasses Apple to become the world’s most valuable company with a market valuation of $3.53 trillion.
    • Nvidia’s stock has surged nearly 190% this year, driven by skyrocketing demand for AI chips, contrasting sharply with Apple’s stagnant iPhone sales.

    What happened

    In a stunning turn of events, Nvidia has officially surpassed Apple to become the world’s most valuable company, reaching a market valuation of $3.53 trillion on October 25, 2024. This surge follows an unprecedented demand for Nvidia’s specialized artificial intelligence (AI) chips, which are crucial in powering the AI revolution. As of the end of trading on the same day, Nvidia’s market value stood at $3.47 trillion, compared to Apple’s $3.52 trillion, reflecting a broader trend in the tech industry where these giants have been competing closely for market dominance.

    Also read: Nvidia’s CEO says the design flaw with the Blackwell GPU is now fixed
    Also read: Nvidia revolutionises food delivery systems in the United States

    This shift is not just a momentary spike; Nvidia’s stock has risen approximately 190% this year, buoyed by expectations of significant growth in AI capabilities. The company’s climb back to the top came after a record-setting rally, fueled further by the recent announcement of a $6.6 billion funding round by OpenAI, the organization behind ChatGPT. As the leading supplier of AI processors, Nvidia has solidified its position as a key player amid fierce competition from other tech behemoths like Microsoft, Alphabet, and Meta.

    Why this is important

    Nvidia’s ascendance to the top of the market highlights the transformative impact of AI on the tech landscape. With a staggering revenue growth projection of nearly 82% for the upcoming quarter, Nvidia is poised to capitalize on the growing embrace of AI across industries. “More companies are now embracing artificial intelligence in their everyday tasks, and demand remains strong for Nvidia chips,” noted Russ Mould, an investment director at AJ Bell.

    Conversely, Apple is grappling with declining smartphone sales, particularly in the critical Chinese market, where iPhone sales dipped by 0.3% in the third quarter. In stark contrast, rival Huawei saw a remarkable 42% surge in phone sales during the same period. As Apple prepares to release its quarterly results, analysts predict a more modest revenue growth of 5.55% year over year, highlighting a stark disparity in market trajectories between the two tech giants.

    The shifting dynamics reflect broader trends within the technology sector, which have seen Nvidia, Apple, and Microsoft collectively driving Wall Street to new heights. Together, these companies represent a significant portion of the S&P 500 index, making their performance vital to the health of the overall stock market. Nvidia’s unprecedented rise not only elevates its profile among investors but also sets the stage for potential future innovations and applications of AI technology.

    AI technology Apple market valuation NVIDIA OpenAi Stock Market
    Vionna Fiducia Theja

    Vionna Fiducia Theja is a passionate journalist with a First Class Honours degree in Media and Communication from the University of Liverpool. A storyteller at heart, she delves into the vibrant worlds of technology, art, and entertainment, where creativity meets innovation. Vionna believes in the power of media to transform lives and spark conversations that matter. Connect with her at v.zheng@btw.media.

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