Nvidia on Friday overtook Apple as the world’s most valuable company after its stock surged to a record high, fueled by growing demand for its new AI chips for supercomputing.
Nvidia’s market value briefly hit $3.53 trillion, while Apple’s was worth $3.52 trillion, according to data from the London Stock Exchange Group.
The company’s shares rose 2.2% in the latest trade to reach a market value of $3.52 trillion, while Apple’s rose 0.9%, giving it a market value of $3.54 trillion.
Nvidia briefly became the world’s most valuable company in June before being overtaken by Microsoft and Apple. The three tech companies’ market capitalizations have been neck and neck for months. Microsoft’s market value is $3.20 trillion.
Nvidia shares have jumped about 18% since the start of October amid a winning streak after ChatGPT developer OpenAI announced a $6.6 billion funding round.
Meanwhile, Apple is grappling with sluggish demand for its smartphones. iPhone sales in China fell 0.3% in the third quarter, while sales of rival Huawei Technologies phones jumped 42%.
As Apple prepares to report quarterly results on Thursday, analysts expect its revenue to rise 5.55% year-on-year to $94.5 billion, according to data from the London Stock Exchange Group.
Analysts expect Nvidia’s revenue to grow about 82% to $32.9 billion.
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