Nvidia surpasses Apple as world’s most valuable company for 2nd time this year

Nvidia has overtaken Apple as the world’s most valuable company, closing Tuesday’s trading session with a market cap of $3.43 trillion compared to Apple’s $3.38 trillion.

Nvidia’s stock rose nearly 3% as it benefits from the global artificial intelligence (AI) boom, while Apple’s growth slowed to a 0.6% increase. The chipmaker’s powerful graphics processing units, crucial for AI applications like OpenAI’s ChatGPT, have made it indispensable to tech giants such as Microsoft, Meta and Alphabet, who rely on its technology for advanced AI systems.

This marks Nvidia’s second time surpassing Apple this year, following a brief lead in June, when the company’s stock grew a staggering 850% since late 2022. Nvidia is also set to join the Dow Jones Industrial Average on Friday.