The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

Nvidia passes Apple as world’s most valuable company

by November 7, 2024
November 7, 2024
Nvidia passes Apple as world’s most valuable company

Nvidia passed Apple in market cap on Tuesday becoming, for a second time, the most valuable publicly traded company in the world.

Nvidia rose nearly 3% to close with a market cap of $3.43 trillion, ahead of Apple at $3.4 trillion. Nvidia shares have almost tripled in 2024, as investors show continued confidence in the company’s ability to maintain a rapid growth rate from its graphics processing units, or GPUs, and a leadership position in the artificial intelligence market.

Apple shares are up about 17% this year, although many analysts say the recent release of the Apple Intelligence suite of features for iPhones could drive increased sales and put the company in a leadership position in “edge AI,” which relies less on GPU-based servers.

Nvidia is the dominant supplier of GPUs, which are used to develop and deploy advanced AI software such as OpenAI’s ChatGPT. Its stock is now up more than 2,700% in the past five years, and revenue has more than doubled in each of the past five quarters, tripling in three of them. 

Apple was the first company to reach a $1 trillion and a $2 trillion market cap. Nvidia previously passed Apple in June before sliding over the summer. Microsoft, ranked third with a market cap of close to $3.1 trillion, is a major customer of Nvidia GPUs to fuel its partnership with OpenAI as well as its own AI ambitions.

Founded in 1991 to produce chips for playing 3D games, Nvidia has taken off in recent years for a very different reason. Over the past decade, scientists and researchers discovered that the same Nvidia chip designs that could render polygons and computer graphics were ideal for the kind of parallel processing needed for AI. Nvidia then developed software and more powerful chips specifically for AI.

Last week, Apple reported a 6% increase in revenue for the most-recent quarter but signaled weaker growth than analysts expected in the current period. Nvidia is scheduled to report results Nov. 20.

S&P Dow Jones announced last week that Nvidia will join the Dow Industrial Average on Friday, replacing longtime rival Intel, and joining Apple in the blue-chip index.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Republicans within striking distance of House majority as key races remain too close to call
next post
Tesla, Bitcoin and Truth Social boom in election aftermath

You may also like

Long-predicted consumer pullback finally hits restaurants like Starbucks,...

From tariffs to DOGE, what companies are saying...

John Deere to abandon pride festival sponsorships following...

AMC is poised to ride the box office...

More signs of slowing inflation may arrive in...

NFL hit with $4.8 billion in damages over...

California homeowners allege home insurance companies colluded to...

Home buyers to be spared automatic broker commissions...

Spirit Airlines, fresh from bankruptcy, is ready to...

JPMorgan Chase is opening more small-town branches in...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s...

    • Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    • Diver dies in preliminary operations to recover tech tycoon’s sunken superyacht

    • Metals and Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

    • Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

    Categories

    • Business (1,633)
    • Investing (4,792)
    • Politics (7,543)
    • World (6,131)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top