“Nvidia dethroned Apple as the world’s most valuable company on Friday…” reports Reuters, “powered by insatiable demand for its specialized artificial intelligence chips.”
Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed… In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft and Apple. The tech trio’s market capitalizations have been neck-and-neck for several months. [Friday] Microsoft’s market value stood at $3.18 trillion, with its stock up 0.8%…
Nvidia’s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world’s largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.
The article points out that by the end of the day Friday, Nvidia’s valuation had dropped to $3.47 trillion, while Apple had risen to $3.52 trillion…