Nvidia dethroned Apple as the world\u2019s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.<\/p>\n\n\n\n
Nvidia\u2019s stock market value briefly touched $3.53 trillion, slightly above Apple\u2019s $3.52 trillion, LSEG data showed.<\/p>\n\n\n\n
Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, while Apple\u2019s shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.<\/p>\n\n\n\n
In June, Nvidia briefly became<\/a> the world\u2019s most valuable company before it was overtaken by Microsoft and Apple. The tech trio\u2019s market capitalizations have been neck-and-neck for several months.<\/p>\n\n\n\n Microsoft\u2019s market value stood at $3.18 trillion, with its stock up 0.8%.<\/p>\n\n\n\n The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet, Meta Platforms and other heavyweights to dominate the emerging technology.<\/p>\n\n\n\n Known since the 1990s as a designer of processors for videogames, Nvidia\u2019s stock has risen about 18% so far in October, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion.<\/p>\n\n\n\n Nvidia and other semiconductor stocks got a lift on Friday after data storage maker Western Digital reported quarterly profit that beat analysts\u2019 estimates, buoying optimism about data center demand.<\/p>\n\n\n\n \u201cMore companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips,\u201d said Russ Mould, investment director at AJ Bell.<\/p>\n\n\n\n \u201cIt is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia.\u201d<\/p>\n\n\n\n Nvidia\u2019s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world\u2019s largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.<\/p>\n\n\n\n