Nvidia Back On Top: Edges Out Apple As AI Demand Drives Market Surge – NVIDIA (NASDAQ:NVDA)

By Pune Media On Oct 25, 2024 16

Nvidia Back On Top: Edges Out Apple As AI Demand Drives Market Surge

Nvidia Corp NVDA once again surpassed Apple Inc AAPL Friday to become the world’s most valuable company.

What Happened: On Friday, Nvidia’s market value briefly reached $3.53 trillion, edging past Apple’s $3.52 trillion, Reuters reported. This shift in leadership comes as a result of the record-breaking surge in Nvidia’s stock driven by the soaring demand for its new artificial intelligence supercomputing chips.

“More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips,” Russ Mould, investment director at AJ Bell, told Reuters.

Nvidia’s shares have climbed nearly 18% in October following OpenAI‘s news of a $6.6 billion funding round. OpenAI, known for creating ChatGPT, relies on Nvidia’s chips to train large-scale models like GPT-4, positioning Nvidia to capitalize on the growing demand for advanced AI infrastructure.

See Also: Nvidia Chases Growth in India: AI Partnerships With Reliance, Infosys, Wipro, Expanding into Robotics And Key Industries

Why It Matters: Nvidia’s rise to the top is a testament to the growing influence of AI and the increasing demand for AI chips. In June, the company surpassed Microsoft and Apple to become the most valuable public company in the world.

Read Next:

Photo: Shutterstock.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}

_{Aggregated From –}

_{Source link}