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Highlights Nvidia's market capitalization surpasses $3 trillion. Nvidia's stock price surge driven by AI chip demand. Apple faces slowing iPhone sales and competition. Microsoft remains the world's most valuable company. Nvidia has dethroned Apple to become the world's second most valuable public company as the value of the company has been propelled over the $3 trillion mark with the rise of artificial intelligence. On Wednesday, i.e. June 5, Nvidia's share price rose 5.2% closing at $1,224.40 per share. This pushed the company's total market capitalization (value) to an incredible $3.012 trillion. In comparison, Apple's value ended slightly lower at $3.003 trillion. Microsoft has maintained its position as the world's most valuable company, standing at $3.15 trillion. However, Nvidia now stands at the second position, outstripping Apple by far. However, Saudi Aramco remains as the top-dog in terms of market cap, as it has been for quite a while. Nvidia's market capitalization surpasses $3 trillion "Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI," said Jake Dollarhide, chief executive officer at Longbow Asset Management. "It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail money that's piling in on what they see as a straight shot up." “While Nvidia rides a wave of AI enthusiasm on Wall Street, Apple is struggling with weak demand for iPhones and tough competition in China, the world's biggest smartphone market,” Reuters report. “Some investors also view Apple as lagging other technology heavyweights as they rush to build AI features into their products and services.” Nvidia's Massive Growth Fuelled by AI Boom Nvidia Overtakes Apple as World's Second Most Valuable Company The high demand for its powerful chips and processors that power AI systems has been the major driver for Nvidia's rapid ascent. In the past one year, Nvidia has seen an increase in its stock price by 147% as tech giants such as Microsoft, Google, and Meta are all rushing to procure the AI hardware from Nvidia. The company recently upped its revenue forecast in May, which sent shares surging another 30%. In addition to that, it will implement a 10-to-1 stock split next month, which would increase the interest of retail investors. Apple Faces Headwinds Apple faces slowing iPhone sales and competition In contrast, Apple has faced challenges lately with slowing iPhone sales and tougher competition in key markets like China. There are also concerns that Apple may be falling behind rivals in effectively integrating AI capabilities across its products and services. While still immensely valuable at over $3 trillion, Apple has lost its long-held position as the second most valuable public company to the AI juggernaut that is Nvidia. Apple has lost its long-held position as the second most valuable public company Nvidia's ascent underscores how artificial intelligence has rapidly emerged as the new frontier for technology companies to focus their resources and innovations. Nvidia's CEO Jensen Huang has become a celebrated figurehead in this AI revolution. FAQs Ques: Why has Nvidia surpassed Apple in market value? Nvidia's market value surged past Apple's due to high demand for its AI chips and processors, propelling its market capitalization over $3 trillion. Ques: What factors contributed to Nvidia's growth? Nvidia's growth was fuelled by a 147% increase in its stock price over the past year, driven by tech giants like Microsoft, Google, and Meta procuring its AI hardware. Ques: How has Apple been affected by this change? Apple has faced challenges such as slowing iPhone sales and tougher competition in key markets, impacting its market value and allowing Nvidia to overtake it. Ques: What is Nvidia's current market capitalization? Nvidia's market capitalization recently reached $3.012 trillion after a 5.2% rise in its share price. Ques: What is the significance of Nvidia's position in the market? Nvidia's position as the second most valuable company highlights the growing importance of artificial intelligence in the tech industry. Also Read: Intel Unveils Gaudi 3 AI Accelerator Challenging NVIDIA’s Dominance Also Read: Nvidia CEO Jensen Huang Sparks Debate on AI’s Role in Coding’s Future: Ethical Considerations Explored Also Read: Artificial Intelligence And Its Applications In The Real World? Also Read: Here’s How an Artificial Intelligence Works

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Nvidia Overtakes Apple as World’s Second Most Valuable Company

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