Nvidia Overtakes Apple As World's Most Valuable Company

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nvidia overtakes apple as worlds most valuable company

Nvidias stock market value briefly touched 3.53-trillion, slightly above Apples 3.52 trillion, LSEG data showed. Nvidia ended the day up 0.8, with a market value of 3.47-trillion, while Apples shares rose 0.4, valuing the iPhone maker at 3.52-trillion.

In June, Nvidia briefly became the worlds most valuable company before it was overtaken by Microsoft and Apple. The tech trios market capitalisations have been neck-and-neck for several months. Microsofts market value stood at 3.18-trillion, with its stock up 0.8.

The Silicon Valley chip maker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Google, Meta Platforms and other heavyweights to dominate the emerging technology.

Nvidias stock has risen about 18 so far in October, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of US6.6-billion.

Nvidia and other semiconductor stocks got a lift on Friday after data storage maker Western Digital reported quarterly profit that beat analysts estimates, buoying optimism about data centre demand.