In the last few days, Nvidia surpassed Apple in market value, solidifying its position as the world’s second-most valuable company, trailing only Microsoft. The company’s stock has surged nearly 20% since reporting better-than-expected quarterly results on May 22, lifting its market capitalization to $3.12 trillion. This marks a remarkable ascent for the semiconductor giant, whose shares have jumped almost 160% this year alone.
Nvidia’s meteoric rise has been fueled by the artificial intelligence boom, with companies racing to secure its high-performance chips designed for AI applications. The GPU manufacturer has established itself as the primary beneficiary of the AI revolution, as its hardware powers everything from generative AI models to autonomous vehicles.
Meanwhile, Apple’s market value stands at approximately $3.07 trillion. The iPhone maker has faced challenges in China, where economic concerns and rising competition have impacted sales. Despite these headwinds, Apple continues to develop its own AI strategy, with CEO Tim Cook promising that the company will “break new ground” in AI later this year.
Microsoft remains the world’s most valuable company with a market capitalization of about $3.19 trillion. Under CEO Satya Nadella’s leadership, Microsoft has aggressively invested in AI, including a multibillion-dollar partnership with OpenAI, the creator of ChatGPT.
Analysts remain bullish on Nvidia’s prospects, with many raising their price targets following the company’s latest earnings report. The firm’s CEO, Jensen Huang, has become something of a tech celebrity, known for his leather jacket and visionary statements about the future of computing and artificial intelligence.
