Nvidia overhauled Apple on October 25 to become one of the world’s most valuable companies, marking a significant milestone for the semiconductor giant. Nvidia’s valuation hiked to $3.53 trillion as its stock surged to $144.13, surpassing Apple's $3.52 trillion.
However, both the tech giants were closed together in market value by mid-day trading, each priced at around $3.52 trillion.
Nvidia’s exponential growth since late 2022, ahead of the launch of ChatGPT, catalysed the need for Nvidia’s artificial intelligence (AI) enabled graphics processing units (GPUs).
Read more: Nvidia overtakes Apple in market value
Within only two years, Nvidia’s stock escalated over 740% adding $3.1 trillion in market valuation as AI integration has already swept industries.
A few credible analysts have tipped further growth for the major chip maker, expecting that it could exceed a $4 trillion market valuation as AI persists to grow.
Nvidia’s meteoric growth has reflected the wider tech rally fueled by groundbreaking advancements in AI, a field targeted by its rivals, including Microsoft and Apple.
The Cupertino-based tech giant, which previously regained its crown as the world’s most valuable company from Microsoft in June 2024, has surged in AI.
However, Nvidia’s meteoric rise exhibits that its dominance in the AI hardware market is escalating faster than it was expected.
Severa; tech giants are already marching ahead to integrate or improve AI in their ecosystems, generating a great market realm for Nvidia’s products.
The competition for market leadership is getting more intense, with Nvidia, Apple, and Microsoft symbolising the major players in the current AI revolution.
Nvidia’s market performance will be observed later in November when it will report its third-quarter earnings and share more about its long-term strategy.
This current variation ascends the unpredictability and growth possibility within the tech industry as multiple companies compete to tackle AI for their services and products.