Apple is no more the world’s most valuable company. On Friday, Nvidia dethroned Apple as the world’s most valuable company after there is an ininsatiable demand for its new supercomputing AI chips which led to a record-setting rally in the stock, reported Reuters. According to data from LSEG, Nvidia’s stock market value briefly touched USD 3.53 trillion.
Meanwhile, Apple’s stock was USD 3.52 trillion. In June aalso, Nvidia briefly became the world’s most valuable company. However, it was overtaken by Microsoft and Apple.
This month, Nvidia’s stock has reportedly risen about 18 per cent. The tech giant achieved stings of gains after OpenAI announced a funding round of USD 6.6 billion. Notably, OpenAI is the company behind ChatGPT.
Nvidia provides chips tatare used to train oundation models, including ChatGPT-4. “More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips,” said Russ Mould, investment director at AJ Bell as quoted by Reuters.
On Tuesday, Nvidia’s shares hit a record high. It build on the last week’s rally when TSMC shared a forecast-beating 54 per cent jump in quarterly profit. Notably, the forecast was driven by increasing demands for chips used in AI. TSMC is the world’s largest contract chipmaker
