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    Home >> Tech News >> Nvidia Surpasses Apple to Become World’s Most Valuable Company
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    Nvidia Surpasses Apple to Become World’s Most Valuable Company

    By Sandesh BhosleOctober 26, 2024Updated:November 16, 20243 Mins Read
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    Nvidia has surged ahead to become the world’s most valuable company, briefly surpassing tech giant Apple in a market capitalisation feat driven by unprecedented demand for its powerful AI-focused chips. Nvidia’s valuation reached a staggering $3.53 trillion on Friday, edging past Apple’s $3.52 trillion, according to data from LSEG. This accomplishment marks a significant milestone for Nvidia, which had reached the top spot in June before Microsoft and Apple reclaimed it. As of now, these tech titans continue to battle closely, with Microsoft trailing at a $3.20 trillion market value.

    The recent growth of Nvidia’s stock, up 18% in October alone, has been propelled by pivotal moments, such as OpenAI’s $6.6 billion funding round. Nvidia supplies the high-performance chips that enable OpenAI’s generative AI models, including GPT-4. As companies across industries integrate AI capabilities, Nvidia’s GPUs have become central to this expanding digital ecosystem. “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. He further noted that Nvidia is “certainly in a sweet spot,” adding that continued investment in AI could sustain this growth if the U.S. economy avoids a major downturn.

    The company’s momentum reached new heights last week, with Nvidia’s shares hitting a record peak. This surge was sparked by an impressive performance report from TSMC, the world’s largest chipmaker, which posted a robust 54% increase in quarterly profits attributed to escalating demand for AI chips.

    Looking ahead, Nvidia’s upcoming third-quarter results, expected in November, will be closely monitored. In its August forecast, Nvidia projected third-quarter revenues of approximately $32.5 billion, aligning closely with the current analyst expectations of $32.90 billion. The results could set the tone for Nvidia’s stock trajectory in the coming months, especially given the heightened expectations. Morgan Stanley analyst Joseph Moore noted on October 10 that while he remains “very bullish” on Nvidia’s long-term outlook, the stock’s recent rally does raise the bar for earnings performance.

    A significant factor in Nvidia’s growth story is the rollout of its next-gen Blackwell chips, which have already seen strong pre-orders extending a full year. Following a meeting with Nvidia’s CEO, Jensen Huang, Moore noted that production ramp-up for Blackwell chips appears “quite strong.” While the company experienced some pressure in August due to a slight delay in Blackwell production, the fourth-quarter rollout should cement its competitive edge.

    Nvidia, along with Apple and Microsoft, now holds substantial sway over the broader U.S. stock market, collectively making up nearly 20% of the S&P 500 index’s weightage. Beyond just tech, Nvidia’s success has captured investor enthusiasm across sectors, especially among options traders, where it has consistently ranked among the most traded stocks. This year alone, Nvidia’s stock has skyrocketed by nearly 190%, spurred by the generative AI boom and a series of exceptional financial forecasts.

    “The question is whether the revenue stream will last for a long time and will be driven by the emotion of investors rather than by any ability to prove or disprove the thesis that AI is overdone,” said Rick Meckler, partner at Cherry Lane Investments. “I think Nvidia knows that near term, their numbers are likely to be quite remarkable.”

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