Nvidia surpasses THIS company to become world's biggest firm

By Gargi Chaudhry | First Published Nov 6, 2024, 9:35 AM IST

Driven by the AI boom, Nvidia's stock surged, pushing its market value to $3.43 trillion, surpassing Apple's $3.38 trillion. This makes Nvidia the world's most valuable company, fueled by heavy investments in its AI technology powering systems like ChatGPT and Gemini.

As the artificial intelligence boom continues to wow Wall Street, chipmaker Nvidia overtook Apple on Tuesday to become the world's most valuable corporation. The AI giant's stock increased 2.9% to $139.93, increasing its market value to $3.43 trillion, surpassing Apple's $3.38 trillion.

Nvidia previously became the largest traded company in June, although it only held the record for a day. It is currently worth more than Amazon and Meta combined. Tens of billions of dollars have been invested by the largest tech firms in the world on Nvidia's potent AI technology, which serves as the foundation for training potent generative AI systems like Google's Gemini and OpenAI's ChatGPT.

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The largest Wall Street firms are all strongly involved in artificial intelligence: Microsoft, Amazon.com Inc., Alphabet Inc., and Apple with their cloud operations and AI services; Meta Platforms Inc. with its AI features and ad targeting; and Apple with its recently released AI iPhones. These businesses are all among Nvidia's biggest clients, with the exception of Apple, and they have emphasized their intention to keep investing in AI.

Concerns over Apple's revenue growth and its vulnerability in China were highlighted by the company's results last week. Later this month, Nvidia will provide an update. The top stock performances of the year are also AI players, in addition to the largest corporations by market capitalization. After data-analysis software company Palantir Technologies Inc. and power producer Vistra Corp., which has experienced a spike in demand due to AI, Nvidia's 183% gain is the third-largest in the S&P 500 this year.

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