Nvidia deposed Apple as the world’s most valuable business on Friday, thanks to a record-breaking stock rise driven by insatiable demand for its specialised artificial intelligence chips.
This milestone demonstrates Nvidia’s quick rise amid the artificial intelligence boom, with the company’s market capitalisation briefly reaching $3.53 trillion—just over Apple’s $3.52 trillion.
The company’s new boost follows a $6.6 billion funding round from OpenAI, the makers of ChatGPT, which trains its language models using Nvidia GPUs.
According to Reuters, “Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, while Apple’s shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.”
Jensen Huang, Chris Malachowsky, and Curtis Priem launched Nvidia on April 5, 1993, after meeting at a Denny’s café in San Jose, California.
Huang, an experienced electrical engineer from LSI Logic and AMD became CEO after quitting his stable post.
The co-founders wanted to capitalise on the developing discipline of accelerated computing, notably in graphics processing and saw video games as a profitable industry due to their computational demands.
In June, Nvidia temporarily became the world’s most valuable corporation until being surpassed by Microsoft and Apple.
For several months, the market capitalisations of the three technology companies have been virtually identical. Microsoft’s market worth was $3.18 trillion, with its shares up 0.8%.
The Silicon Valley chipmaker is the leading supplier of processors for AI computing, and it has emerged as the clear winner in a contest against Microsoft, Alphabet Meta Platforms, and other industry heavyweights to dominate the burgeoning technology.
We earlier reported that Apple has launched its new iPad mini equipped with an Apple A17 Pro chip which made its debut on last year’s iPhone 15 Pro and 15 Pro Max.
