Nvidia, a leading American software company, reclaims the title of the world’s most valuable company by market capitalization, topping tech giant Apple. The company’s shares jumped by 2.5% during Tuesday’s trading hours, pushing its market valuation to roughly $3.44 trillion, topping Apple’s $3.37 trillion.

The world’s most valuable companies, Nvidia, Microsoft, and Apple, have been contesting the “world’s most valuable company” tag for most of the year. However, Nvidia was the year’s surprise story thanks to its investment in chips that power the Artificial Intelligence technology.

Nvidia has been bolstered by the 850% growth in the AI and machine learning space and the growth of AI-based coins. As the company enjoys an increased demand for its chips, other AI coins like the Internet Computer, the NEAR protocol, Bittensor, Injective, and Artificial Superintelligence Alliance have enjoyed their respective surges too.

Nvidia overtakes Apple as world’s most valuable company https://t.co/chWMKMofPL pic.twitter.com/Zfqa4PBYcu

— CNA (@ChannelNewsAsia) October 25, 2024

Nvidia Shares Continue Surge, Pushing The Company Ahead Of Apple

Last September 6th, Nvidia’s price was just $102.83 but soon started to climb thanks to increasing demand for its chips. At the heart of its operations are the AI chips that power many large language models today.

According to Fall Ainina of James Investment Research, Nvidia’s current position is linked to machine learning and generative AI industry growth. Thanks to its role in advancing AI technology, the company’s stock has increased by over 850% since 2022.

Image: Feng Li/Getty

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Author: Christian Encila