Nvidia overtakes Apple again as world’s most valuable company

2024-11-06 00:17:52

Abstract generation in progress

AI-tech titan Nvidia has retaken the lead as the world’s most valuable company after shares surged almost 3% on Oct. 5, beating out competitor tech firms Apple and Microsoft

Nvidia shares climbed around 2.84% on the day, which saw the company’s market capitalization reach $3.43 trillion, compared to Apple’s $3.38 trillion and Microsoft’s $3.06 trillion.

Apple shares had yet to recover from a late October slump after the company’s sales outlook came in weaker than expected, and fiscal Q4 earnings fell short of expectations

Microsoft shares also hadn’t come back from one of its worst trading days in two years after the tech giant cut its guidance for the fourth quarter of 2024

Nvidia’s market cap has hit $3.43 trillion, surpassing both Apple and Microsoft. Source: CompaniesMarketcap

Meanwhile, Nvidia stock has nearly tripled this year on the back of powerful sales growth and the firm’s continued investment in accelerated computing and generative AI

Nvidia first passed both Apple and Microsoft in June to become the most valuable company — though that only lasted for a day.

Its stock has gained 9.5% over the past month and 190% year-to-date and is currently trading at $139.91, according to Google Finance

Related: AI crypto tokens wobble as Nvidia posts good but not good enough earnings

Nvidia makes computer chips and graphics processing units used in various computer applications, including artificial intelligence.

At the start of 2024, asset manager UBS tipped AI revenue to hit $420 billion in 2027, representing a compound annual growth rate (CAGR) of 72%

In a note to investors in January, researchers from UBS called ChatGPT the “iPhone moment” for the AI industry.

“We see much more infrastructure spending […] driven by emerging trends like GPU cloud and AI edge-computing. Also, with broadening AI demand and rising monetization trends, we see solid growth for AI applications & models,” said UBS in a note to investors

“We believe AI will remain the key theme driving global tech stocks again in 2024 and the rest of the decade.”

Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes

#Apple
#NVidia
#Microsoft
#AI
#Stocks
#Shares Add reaction

OCT4,1%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.