Nvidia Tops Apple as World’s Most Valuable Company
Posted on October 27, 2024 by News Desk

Nvidia’s Meteoric Rise: AI-Powered Surge Briefly Pushes it Ahead of Apple in Global Market Valuation
On October 25, 2024, Nvidia momentarily claimed the title of the world’s most valuable company, surpassing Apple with a remarkable market valuation of $3.53 trillion. The chipmaking giant’s stock skyrocketed to $144.13 per share before stabilizing around $3.52 trillion, placing it neck and neck with Apple. This surge underlines Nvidia’s exceptional rise since the launch of OpenAI’s ChatGPT in 2022, which triggered a massive demand for Nvidia’s AI-enabled GPUs.
Nvidia’s Unstoppable Growth Driven by AI
Nvidia’s stock has surged over 740% within two years, adding an astonishing $3.1 trillion to its market value. Nvidia’s role in the AI revolution is not just notable; it’s foundational. Its high-performance graphics processing units (GPUs) are critical to powering artificial intelligence, positioning Nvidia as an indispensable leader in industries from cloud computing to healthcare. With AI applications rapidly expanding across various sectors, Nvidia’s hardware is increasingly seen as the backbone of modern computing.
Future Projections: $4 Trillion and Beyond?
Market analysts are confident Nvidia’s growth will continue at an impressive rate. Bank of America recently raised its price target for Nvidia to $190, emphasizing the “generational opportunity” that AI provides. This optimism is echoed by CFRA Research, which increased its target to $160, pointing to a competitive “AI war” among tech giants like Amazon and Google. Nvidia’s upcoming “Blackwell” GPU line, expected to dominate hyperscalers, is anticipated to secure Nvidia’s foothold even further as the AI leader.
The Rivalry Intensifies: Nvidia, Apple, and Microsoft Compete for AI Dominance
The rise of AI has not only elevated Nvidia but also influenced strategies at Apple and Microsoft. In June 2024, Apple reclaimed its title as the world’s most valuable company from Microsoft, bolstered by its own investments in AI. Apple is now integrating OpenAI’s ChatGPT into Siri, an innovative move that aims to bring AI-powered features directly to iPhone users.
The Unmatched Demand for Nvidia’s AI Hardware
While both Apple and Microsoft are exploring AI innovations, Nvidia remains the leading provider of hardware essential for AI computation. The company’s GPUs are regarded as the gold standard for AI applications, giving Nvidia an unparalleled edge in the AI ecosystem. Its products are not only powering AI but also reshaping entire industries, from financial modeling to cloud infrastructure.
Anticipating Nvidia’s Third-Quarter Earnings
Investors are eagerly awaiting Nvidia’s third-quarter earnings report in November, which will shed more light on its long-term AI strategy. Given the company’s trajectory, many experts believe that Nvidia’s valuation could soon surpass $4 trillion. As the global demand for AI solutions intensifies, Nvidia’s position appears solidified as a central figure in the ongoing technological revolution.
Key Takeaways for Investors and the Tech Landscape
This market fluctuation showcases the rapid growth and dynamic nature of the tech sector, where Nvidia, Apple, and Microsoft are vying for leadership in the AI space. Nvidia’s recent ascent not only highlights its critical role in AI but also signals the growing influence of AI-driven technology across all aspects of modern life. As tech giants compete to integrate AI, Nvidia’s cutting-edge hardware remains indispensable for this transformation.