Nvidia is poised to surpass Tim Cook’s Apple to become the world’s second-most valuable company, as the kingmaker behind the AI revolution, so far largely missed by Apple, passes by the Cupertino-based iPhone-maker.
The reliance of virtually all artificial intelligence applications such as OpenAI’s ChatGPT on Nvidia’s high-end chips has helped the stock nearly triple in value over the past year to $2.72 trillion.
In contrast, Apple ceded its No. 1 spot to Microsoft earlier this year as the once high-flying company grapples with weak demand for its iPhones and tough competition in China. It was last valued at $2.93 trillion.
“It is certainly notable because Apple has been so dominant for so long, especially on the growth and innovation front. Recently though, Apple’s innovation curve seems to have flattened, showing slower future growth,” said Brian Mulberry, client portfolio manager at Zacks Investment Management.
Nvidia also became the fastest company to grow from $1 trillion to $2 trillion in 2024, zooming past Amazon, Google-parent Alphabet, and Saudi Aramco.
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MacDailyNews Note: Apple is currently worth $2.914 trillion vs. Nvidia’s $2.654 trillion. Apple may be able to hold onto the second spot until WWDC, where it may get an AI-related boost itself.
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