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Shares in Nvidia rose 2.84% during Tuesday trading, allowing the company to retake the top spot as the most valuable public company.
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AI-tech titan Nvidia has retaken the lead as the world’s most valuable company after shares surged almost 3% on Oct. 5, beating out competitor tech firms Apple and Microsoft.
Nvidia shares climbed around 2.84% on the day, which saw the company’s market capitalization reach $3.43 trillion, compared to Apple’s $3.38 trillion and Microsoft’s $3.06 trillion.
Apple shares had yet to recover from a late October slump after the company’s sales outlook came in weaker than expected, and fiscal Q4 earnings fell short of expectations.
Microsoft shares also hadn’t come back from one of its worst trading days in two years after the tech giant cut its guidance for the fourth quarter of 2024.
Nvidia’s market cap has hit $3.43 trillion, surpassing both Apple and Microsoft. Source: CompaniesMarketcap
Meanwhile, Nvidia stock has nearly tripled this year on the back of powerful sales growth and the firm’s continued investment in accelerated computing and generative AI.
Nvidia first passed both Apple and Microsoft in June to become the most valuable company — though that only lasted for a day.
Its stock has gained 9.5% over the past month and 190% year-to-date and is currently trading at $139.91, according to Google Finance.
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Nvidia makes computer chips and graphics processing units used in various computer applications, including artificial intelligence.
At the start of 2024, asset manager UBS tipped AI revenue to hit $420 billion in 2027, representing a compound annual growth rate (CAGR) of 72%.
In a note to investors in January, researchers from UBS called ChatGPT the “iPhone moment” for the AI industry.
“We see much more infrastructure spending […] driven by emerging trends like GPU cloud and AI edge-computing. Also, with broadening AI demand and rising monetization trends, we see solid growth for AI applications & models,” said UBS in a note to investors.
“We believe AI will remain the key theme driving global tech stocks again in 2024 and the rest of the decade.”
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This article first appeared at Cointelegraph.com News
