Nvidia and Apple Compete for the Title of "World’s Most Valuable Company"

Driven by insatiable demand for specialized AI chips, Nvidia briefly surpassed Apple in stock value, becoming the world’s most valuable company before Apple reclaimed its crown.

One of the most significant recent developments in the tech world was Nvidia’s achievement of surpassing Apple in market value, securing the title of the world’s most valuable company, albeit briefly. However, this triumph was short-lived, as Apple regained its throne.

Nvidia Outpaced, but Apple Regained Its Position

Recently, Nvidia’s stock reached $3.53 trillion in value, surpassing Apple’s $3.52 trillion, according to LSEG data. This historic surge in Nvidia's stock was largely fueled by the soaring demand for AI chips and Nvidia's leadership in AI processors. As the demand for AI chips grows, Nvidia’s influence in the market strengthens. In October alone, its stock value rose by 18%, partly driven by OpenAI’s $6.6 billion funding support.

However, Nvidia’s success didn’t last long. Nvidia ended the day with a $3.47 trillion valuation, while Apple’s market value reached $3.52 trillion.

The 3-Trillion Dollar Club

In June, Nvidia also briefly overtook both Microsoft and Apple. Currently, Microsoft holds a $3.18 trillion market cap. Together, these three tech giants account for nearly a fifth of the S&P 500 index, showcasing significant influence in the sector.

Throughout the year, Nvidia achieved remarkable success with its AI chips, raising its market value by nearly 190% since the beginning of the year. This success highlights Nvidia’s growth potential in the future. On the other hand, Apple’s stock has risen by 24%, while Microsoft increased by 15% year-to-date.