Nvidia made history after it surpassed Apple to become the most valuable company in the world.
According to Reuters, data from LSEG showed that Jensen Huang tech company on Friday, October 25, 2024, dethroned Apple as the most valuable company after its stock market value surged to $3.53 trillion, while that of Apple was $3.52 trillion and Microsoft's market value stood at $3.20 trillion.
Nvidia for a short time became the most valuable company back in June 2024. Later, Microsoft and Apple overtook the position to become the top companies in the world. Since then, the market value of the three tech giants has been neck-to-neck.
Investment director at AJ Bell, Russ Mould, said, “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.”
To note, Nvidia stocks rose to about 18% in October 2024 after the ChatGPT parent company OpenAI announced funding of $6.6 billion as it made chips used in training foundation models like GPT-4.
