Nvidia overtakes Apple to become the world’s most valuable company again
By ForGeeks Nvidia shares rose 2.84% on Tuesday, October 5, making it once again the world’s most valuable public company, surpassing tech giants like Apple and Microsoft. Nvidia’s market capitalization reached $3.43 trillion at the end of trading, compared to Apple’s $3.38 trillion and Microsoft’s $3.06 trillion.
Apple shares have yet to recover from a late-October plunge triggered by a disappointing sales forecast and weak fourth-quarter results. Microsoft also suffered after one of its biggest drops in two years, when the company cut its fourth-quarter 2024 profit forecast.
In contrast to its competitors, Nvidia has seen steady growth. The company’s stock has nearly tripled since the beginning of the year, thanks to strong sales growth and investments in accelerated computing and generative AI. In June, Nvidia had already overtaken Apple and Microsoft in terms of market capitalization, but that lead lasted just one day.
Nvidia’s market capitalization has been on a tear.
Nvidia shares are up 9.5% over the past month and 190% since the beginning of the year, and are trading at $139.91, according to Google Finance data. Nvidia makes chips and graphics processors widely used in artificial intelligence-based applications.
Nvidia’s stock is up 9.5% over the past year, and is trading at $9.91, according to Google Finance.
In early 2024, analysts at UBS predicted AI revenues would reach $420 billion by 2027, with annual growth of 72%. In a January note to investors, UBS experts called the launch of ChatGPT an “iPhone moment” for the AI industry, adding that they believe demand for infrastructure, including cloud GPUs and edge computing, will grow along with the increased use of AI and trends toward monetization of the technology.
At the same time, the UBS analysts said they believe the demand for infrastructure, including cloud GPUs and edge computing, will grow along with the increased use of AI and trends toward monetization of the technology.
So, analysts expect Nvidia to continue to grow and strengthen its position due to investments in AI and increased demand for their products.
So, analysts expect Nvidia to continue to grow and strengthen its position due to investments in AI and increased demand for their products.
