Jakarta, Indonesia Sentinel — On October 25, 2024, Nvidia briefly took the crown from Apple as the most valuable company in the world, driven by a surge in demand for its advanced artificial intelligence (AI) chips. Nvidia’s market capitalization reached an impressive $3.53 trillion, edging past Apple’s $3.52 trillion, according to data from LSEG.
By the end of the trading day, Nvidia’s shares rose by 0.8%, settling at a market value of $3.47 trillion, while Apple experienced a modest increase of 0.4% to maintain its $3.52 trillion valuation.
However, as of October 28, 2024, Apple regained its position as the world’s most valuable company, firmly holding a market cap of $3.52 trillion, with Nvidia trailing at $3.47 trillion. Nvidia’s CEO, Jensen Huang, has seen his net worth skyrocket since AI’s popularity surged in 2022, currently estimated at $123.5 billion, ranking him as the 11th richest person globally.
Nvidia had previously held the title of the world’s most valuable company in June before being overtaken by Microsoft and Apple. The competition among these tech giants has intensified, with Microsoft currently valued at $3.18 trillion after a 0.8% increase in its stock price.
As a leading supplier of processors for AI computing, Nvidia stands out as the biggest winner in the battle among tech giants like Microsoft, Alphabet, and Meta Platforms to dominate this burgeoning technology. Initially recognized in the 1990s for designing video game processors, Nvidia’s stock has surged nearly 18% throughout October, following OpenAI’s announcement of a substantial $6.6 billion funding round.
The rise in Nvidia’s shares was further bolstered when Western Digital reported quarterly earnings that surpassed analyst expectations, fostering optimism about increased demand for data centers. On Tuesday, Nvidia’s shares hit record highs, continuing their upward trend from the previous week, bolstered by TSMC’s 54% profit increase, also exceeding forecasts.
WhatsApp Banned for Hong Kong Civil Servants, Enhance Cybersecurity!
In contrast, Apple is facing challenges, particularly with weakening smartphone demand. iPhone sales in China fell by 0.3% in the third quarter, while Huawei’s sales soared by 42%, underscoring the competitive landscape. The surge in Nvidia’s stock also made it increasingly attractive to options traders, with its options becoming some of the most actively traded in recent months.
Overall, Nvidia’s stock has soared nearly 190% this year, fueled by explosive demand for generative AI technologies, resulting in a series of optimistic projections from analysts.
(Becky)
