NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) finished Tuesday as the world’s most valuable company, overtaking Apple Inc (NASDAQ:AAPL, ETR:APC) with a market capitalization of $3.43 trillion compared to Apple’s $3.38 trillion.
This shift reflects Nvidia's soaring stock price, which has nearly tripled in 2024 amid strong demand for its high-performance graphics processing units (GPUs).
Shares of Nvidia gained 2.9% on Tuesday to finish at $139.93.
The company’s valuation surge underscores investors' confidence in Nvidia’s dominance in the artificial intelligence (AI) and data center markets, where its GPUs are regarded as critical for AI model training and other high-computation tasks. Shares have surged as data centers and tech giants prioritize AI capabilities, bolstering Nvidia’s standing in the tech sector.
Nvidia had briefly surpassed Apple’s valuation once before in June, but Tuesday’s close solidified the company’s position at the top of the global market cap rankings.
Both companies are among the few to have crossed the $3 trillion valuation threshold, marking a new era in tech sector valuations as demand for AI and consumer technology continues to evolve.
Apple, previously the world’s most valuable company, has seen comparatively modest gains this year as it continues to leverage its strong brand and product ecosystem.