Nvidia overtakes Apple as world’s most valuable company
Nvidia has passed Apple as the world’s most valuable company.
The technology giant leapfrogged Apple as its market value reached $3.53 trillion. The companies have traded the crown back and forth this week, with Nvidia falling back to $3.47 trillion as Apple closed trading at $3.52 trillion.
Nvidia’s surging market value is being attributed to Nvidia’s status as a leading provider for computing parts required in the development of AI.
“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 speaking to Reuters.
“It is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia.”
Nvidia is expected to announce its 50 series graphics cards soon. Retail listings for an RTX 5050, 5060, 5070, 5080, and 5090 have been found online, suggesting the announcement could be imminent.
Nvidia will also supply parts for Nintendo‘s forthcoming successor to the Nintendo Switch.
Nintendo plans to announce its next console during its current fiscal year, which runs until March 31, 2025.
In August, it was claimed that developers had been briefed not to expect Nintendo’s next console to launch before April 2025.
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