In a dramatic shift in the tech landscape, NVIDIA has once again overtaken Apple to become the world’s most valuable publicly traded company. This victory comes after the GPU giant’s share price soared nearly 3%, propelling its market cap to an astonishing $3.43 trillion, a sliver above Apple’s $3.4 trillion. This latest milestone marks the second time NVIDIA has claimed the top spot, demonstrating the company’s phenomenal growth and dominance in the tech world.
NVIDIA’s surge can be largely attributed to its unwavering commitment to the artificial intelligence (AI) sector. The company has positioned itself as a leading supplier of hardware essential for powering AI-driven tasks, capitalizing on the explosive growth of AI applications across various industries. This strategic focus has allowed NVIDIA to maintain its remarkable growth trajectory and solidify its dominance in the GPU market.
The numbers speak volumes about NVIDIA’s success. Over the past five years, the company’s share price has skyrocketed an astounding 2,700%, with an almost threefold increase in value just in 2024 alone. Meanwhile, Apple’s share price has climbed by 17% this year, and industry analysts anticipate further growth as Apple’s own AI initiatives, like Apple Intelligence, gain traction.
It’s worth noting that Apple was the first company to achieve the $1 trillion and $2 trillion market cap milestones. NVIDIA previously surpassed Apple’s market cap briefly in June, demonstrating the fierce competition between these tech titans. Microsoft sits comfortably in third place, boasting a market cap of $3.1 trillion.
Adding to NVIDIA’s recent triumphs, the company is set to replace Intel on the prestigious Dow Industrial Average index. Intel held its position on the index for 25 years, making NVIDIA’s entry a significant move that further solidifies its place as a tech industry powerhouse. As NVIDIA continues to dominate the AI landscape and its share price climbs steadily, it will be interesting to see if it can maintain its top spot and what new milestones the company will achieve in the years to come.
