NEW YORK, Oct 26 — Nvidia dethroned Apple as the world’s most valuable company yesterday following a record-setting rally in the stock, powered by insatiable demand for its...
‘What’s the issue?’: Perak MB says Chinese tourists waving their national flag not an offence, cops to determine if they were Malaysians or otherwiseNvidia dethroned Apple as the world’s most valuable company yesterday following a record-setting rally in the stock, powered by insatiable demand for its specialised 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 capitalisations 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 per cent in the third quarter, while sales of phones made by rival Huawei surged 42 per cent.
Shares of Nvidia, Apple and Microsoft have an outsized influence on the richly valued technology sector as well as the broader US stock market, with the trio accounting for about a fifth of the S&P 500 index’s weight.
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