Nvidia overtakes Apple as world’s most valuable company

Nvidia dethroned Apple as the world’s most valuable company on Friday, following a record-setting rally in the stock powered by an insatiable demand for its new supercomputing AI chips. Nvidia’s stock market value briefly touched $3.53 trillion, while that of Apple was $3.52 trillion, according to data from LSEG.
In June, Nvidia briefly became the world’s most valuable company, before it was overtaken by Microsoft and Apple. The tech trio’s market capitalisations have been neck-and-neck for several months. Microsoft’s market value stood at nearly $3.2 trillion.

Nvidia’s stock has risen about 18% so far in Oct, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion. Nvidia provides chips used to train so-called foundation models such as OpenAI’s GPT-4. Nvidia’s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world’s largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit.