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    • Nvidia overtakes Apple to become the most valuable company in the world
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    Nvidia overtakes Apple to become the most valuable company in the world

    Umito Posted on

    Hannah Ziegler
    | Washington Post

    Nvidia is now the world’s most valuable company, overtaking Apple in a technological upheaval that reflects the growing dominance of artificial intelligence.

    Nvidia’s market cap rose nearly 3% on Tuesday and closed at $3.43 trillion, ahead of Apple’s $3.4 trillion. Nvidia shares, which have nearly tripled so far in 2024, closed Tuesday at $139.91 before falling slightly after hours.

    The company saw explosive growth in 2023 when it became the leading source of graphics processing units, or GPUs, used in computers that power AI operations. The chipmaker’s revenue has doubled in each of the last five quarters.

    Nvidia became only the third company to reach a market capitalization of $3 trillion earlier this year, joining Apple and Microsoft. The AI ​​darling briefly overtook Apple to become the world’s most valuable company in June before falling back to second place.

    Apple, the first company to reach a market capitalization of $1 trillion to $2 trillion, is scrambling to carve out its own niche in the AI ​​boom as Nvidia dominates GPU production. Apple shares are up more than 20% this year, and the company recently rolled out Apple Intelligence features to iPhones.

    The company says Apple Intelligence offers a more useful and private implementation of AI, designed specifically for iPhones. But Apple has been bogged down by slow deployment of AI in its products and has secured fewer chips to power AI innovation than some of its biggest rivals.

    At the same time, Nvidia has benefited from investments by large technology companies in its AI infrastructure, which helps run AI models such as OpenAI’s ChatGPT. Microsoft, the world’s third-largest company with a market capitalization of around $3.1 trillion, is a major customer of Nvidia’s GPUs as it continues its own exploration of AI.

    Nvidia edged out Apple just days after knocking another tech heavyweight – Intel – out of the Dow Jones Industrial Average. The chipmaker will join the blue-chip index before the market opens Friday in an effort to better represent the modern semiconductor industry, S&P Dow Jones Indices announced last week.

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