NVIDIA dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for ...
dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.
In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft and Apple. The tech trio’s market capitalizations have been neck-and-neck for several months.The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet, Meta Platforms and other heavyweights to dominate the emerging technology.
“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. Meanwhile, Apple is struggling with tepid demand for its smartphones. iPhone sales in China slipped 0.3% in the third quarter, while sales of phones made by rival Huawei surged 42%.
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