Nvidia becomes the world's most valuable company, surpassing Apple and Microsoft
Ending Wednesday with a market cap of $3.57 trillion, Nvidia has surpassed Apple to become the world's most valuable company.
The big picture: Nvidia briefly overtook Apple as the world's most valuable company late last month, but this week it solidified that position for the second time in a more definitive way. The GPU maker's meteoric rise and the dethronement of Intel on the Dow Jones index signifies a major shift toward AI in the tech sector. However, uncertainty still surrounds the new technology.
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Ending Wednesday with a market cap of $3.57 trillion, Nvidia has surpassed Apple to become the world's most valuable company. Over the last two years, the AI boom has multiplied Nvidia's market cap, stock price, and revenue, with no signs of slowing down.
Since generative AI began gaining popularity, companies worldwide have scrambled to acquire GPUs for AI models, with Nvidia's products being the most sought after by far. This trend has increased the company's market cap by 218 percent over the past year and more than 3,000 percent in the last five years.
Nvidia first overtook Apple to claim the top spot in June when its market cap reached $3.34 trillion. However, a brief wobble in the AI sector in September caused a $279 billion loss – the biggest one-day drop in US history.
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