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Highlights Nvidia briefly surpassed Apple as the world's most valuable company. Value growth is driven by massive demand for its AI-specific chips. Nvidia's stock has grown nearly 190% this year Nvidia surpasses Apple to become the world's most valuable company following the insatiable demand for AI chips. (Image credit - Associated Press) It appears supercomputing AI chips are here to dominate everything in the tech industry including who will be at the top. This Friday was a brief showcase of how the new world order would be things move forward on the same path. Nvidia marked a historic rise in its stock value on Friday surpassing Apple as the world’s most valuable company for a brief period. It’s no secret that the massive demand for Nvidia’s AI-specific chips is the driving force behind growth. According to LSEG data, Nvidia’s market value hit an unprecedented $3.53 trillion, a number just slightly above Apple’s $3.52 trillion. Although Apple regained its top spot by the end of the day. The Cupertino giant closed at market value of $3.52 trillion as Nvidia settled a bit lower at $3.47 trillion. What started a gaming processor manufacturer, Nvidia today dominates the AI chip market, which has been rapidly expanding as companies like Microsoft, Alphabet, and Meta invest heavily in AI capabilities. In the last few months, Nvidia’s stock value was boosted by a $6.6 billion funding round announcement from OpenAI, the creators of ChatGPT. Investment Director at AJ Bell, Russ Mould noted, “More companies are now embracing artificial intelligence in their everyday tasks, and demand remains strong for Nvidia chips.” Nvidia surpassing Apple on the ticker shouldn’t be a surprise for someone who is keeping track of the market. Nvidia shares recorded an all-time high last Tuesday as the world’s largest contract chipmaker TSMC reported a 54% jump in profit. This year, Nvidia’s stock has witnessed a growth of nearly 190% as AI demand swells projections and investor confidence. Meanwhile, Apple has seen slower demand for its products. iPhone sales in China recently slipped by 0.3% in the third quarter. While Apple’s revenue is expected to grow 5.55% year-over-year to $94.5 billion, Nvidia is expected to report a revenue growth of nearly 82% to reach $32.9 billion. Cherry Lane Investments’ Rick Meckler believes Nvidia’s revenue prospects are promising for now. Although, he underlines the significance of investor sentiment. “The question is whether the revenue stream will last...and will be driven by the emotion of investors rather than by any ability to prove or disprove the thesis that AI is overdone,” he said. Meanwhile, other semiconductor stocks also witnessed a growth in value on Friday. The growing trends were mostly credited to the recent Western Digital report on better-than-expected earnings. FAQs Q1. Why did Nvidia's market value surpass Apple's for a brief period? Answer. The massive demand for Nvidia’s AI-specific chips is the driving force behind the growth, reaching an unprecedented $3.53 trillion market value. Q2. How much has Nvidia’s stock value grown this year? Answer. Nvidia’s stock has witnessed a growth of nearly 190% this year as AI demand fuels projections and investor confidence. Q3. What is the expected revenue growth for Nvidia compared to Apple? Answer. Nvidia is expected to report a revenue growth of nearly 82% to reach $32.9 billion, while Apple’s revenue is expected to grow 5.55% year-over-year to $94.5 billion. Also Read : Apple, Nvidia, and Anthropic Criticized for Unauthorized Use of YouTube Data in AI Training Also Read : Nvidia Becomes World’s Most Valuable Company, Surpassing Apple and Microsoft

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Nvidia Surpasses Apple to Become the World’s Most Valuable Company

Harman introduces 5G Test Lab-as-a-Service offering