Nvidia, a leading American software company, reclaims the title of the world’s most valuable company by market capitalization, topping tech giant Apple. The company’s shares jumped by 2.5% during Tuesday’s trading hours, pushing its market valuation to roughly $3.44 trillion, topping Apple’s $3.37 trillion.
The world’s most valuable companies, Nvidia, Microsoft, and Apple, have been contesting the “world’s most valuable company” tag for most of the year. However, Nvidia was the year’s surprise story thanks to its investment in chips that power the Artificial Intelligence technology.
Nvidia has been bolstered by the 850% growth in the AI and machine learning space and the growth of AI-based coins. As the company enjoys an increased demand for its chips, other AI coins like the Internet Computer, the NEAR protocol, Bittensor, Injective, and Artificial Superintelligence Alliance have enjoyed their respective surges too.
Nvidia overtakes Apple as world’s most valuable company https://t.co/chWMKMofPL pic.twitter.com/Zfqa4PBYcu
— CNA (@ChannelNewsAsia) October 25, 2024
Nvidia Shares Continue Surge, Pushing The Company Ahead Of Apple
Last September 6th, Nvidia’s price was just $102.83 but soon started to climb thanks to increasing demand for its chips. At the heart of its operations are the AI chips that power many large language models today.
According to Fall Ainina of James Investment Research, Nvidia’s current position is linked to machine learning and generative AI industry growth. Thanks to its role in advancing AI technology, the company’s stock has increased by over 850% since 2022.
The company supplies chips to top tech companies such as Amazon, Alphabet, Meta, and even Microsoft. Analysts expect the company’s revenues to beat the company’s estimates, with an additional 44% growth next year.
AI Coins Power Company To Market Dominance
Nvidia’s impressive performance this year can be attributed to the demand for its chips and the growth in AI coins. For example, there’s NEAR protocol, which jumped by 5.40%. It’s currently priced at $3.81, with over $222 million in 24-hour trading volume.
Internet Computer is another AI coin that’s surging, adding 5% to its market value, with a market volume of $57 million.
Plenty of AI coins are joining the tech firm’s market rally. Bittensor is now trading at $482, and Artificial Superintelligence is rising to $1.25, reflecting an increase of 10.96%.
AI Now A Key Component Of Wall StreetNvidia’s growing market cap and the continuing popularity of AI coins highlight AI’s increasing influence. Some of the top Wall Street companies, such as Amazon, Microsoft, Meta, and Alphabet, are now working with the company to expand their AI capabilities.
Market analysts expect the company and AI coins to sustain their rally in the short term. As of this writing, Nvidia accounts for 7% of the US S&P 500 Index weight. It’s also crucial to note that AI stocks like Nvidia are some of the performing stocks for the year.
Featured image from The Brand Hopper, chart from TradingView