Nvidia has overtaken Apple to become the world's most valuable company, thanks to strong demand for AI chips

Nvidia overtook Apple to become the world's most valuable company on Friday, October 25, thanks to strong demand for its specialised chips for artificial intelligence.

Here's What We Know

On 25 October, Nvidia's market value briefly reached $3.53 trillion, just above Apple's $3.52 trillion. Nvidia was already becoming the world's most valuable company in June, but it was then surpassed by Microsoft and Apple. In recent months, the market capitalisations of the three tech giants have been on par. On Friday, Microsoft's market value was $3.18 trillion, with its shares up 0.8 per cent.

Nvidia shares hit a record high on Tuesday, extending gains from last week when TSMC, the world's largest contract chipmaker, reported a 54 per cent rise in quarterly profit that exceeded forecasts, thanks to strong demand for AI chips.

However, by the end of the day on Friday, Nvidia's market value had fallen to $3.47 trillion, while Apple's value remained at $3.52 trillion.

Source: Reuters