Nvidia surpasses apple as world’s most valuable company with its market value touching at $3.53 trillion, briefly surpassing Apple’s $3.52 trillions.
Nvidia, an American Multinational technology company, has taken over apple iPhone producing company, as world’s most valuable company. The stock market value of Nvidia has reached $3.53 trillion, which is briefly surpassing Apple’s stock market value of $3.53 trillion as per LSEG Data.
Nvidia overtakes Apple in global company valuation with Nvidia’s shares rising by 2% whereas Apple’s shares fell by 1%. Nvidia is the dominant supplier of AI Accelerators as it designs 75% of the AI Accelerators in the world. Nvidia designs AI Accelerators, the semiconductor technology for powering generative AI applications such as OpenAI’s ChatGPT 4.
As per Forbes, Nvidia’s net income has risen from $2.3 billion during the first half of 2022 to $31.5 billion during the first half of 2024, and its share price has been up 850% over the last two years. Still, Nvidia stock is down 4.8% from its all-time closing high set Oct. 21, but Apple shares are down 6.7% over the same period, hence the flip in their market values.
“More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips. It is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia.,” said Russ Mould, investment director at AJ Bell.
Apple’s financial performance is still far more robust than Nvidia’s, with its $397 billion in projected revenue and $98 billion in net income trouncing Nvidia’s $120 billion in sales and $64 billion net profit, according to FactSet data blending results and average forecasts. But analysts expect Nvidia’s growth trajectory to continue, with its $122 billion in projected 2026 profits just a tick below Apple’s $124 billion.
