Nvidia dethroned Apple this Friday as the most valuable company in the world, after a record rise in its shares driven by insatiable demand for its new artificial intelligence chips for supercomputing.
Nvidia NVDA.O’s stock market value briefly reached $3.53 trillion, while Apple’s AAPL.O rose to $3.52 trillion, according to LSEG data.
In June, Nvidia briefly became the world’s most valuable company, before being overtaken by Microsoft MSFT.O and Apple. The tech trio’s market capitalizations have been on par for several months. Microsoft’s market value stands at $3.20 billion.
Nvidia shares have gained about 18 percent so far in October, with a series of gains following the announcement by OpenAI, the company behind ChatGPT, of a $6.6 billion financing round. Nvidia supplies the chips used to train so-called base models, such as OpenAI’s GPT-4.
“More and more companies are adopting artificial intelligence in their daily tasks and demand for Nvidia chips remains strong,” said Russ Mold, chief investment officer at AJ Bell.
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