:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2155632328-b6e7d075faca41ab98cd961370efa6f6.jpg "The Nvidia and Apple logos are seen side by side.")
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Key Takeaways
- Nvidia shares rose Tuesday, pushing the chipmaker back into the top spot on the list of the world’s ton valuable companies by market capitalization, ahead of Apple.
- Nvidia, Apple, and Microsoft have battled for the title this year as the exclusive three companies with a market capitalization over $3 trillion.
- Demand for Nvidia’s chips to power phoney intelligence technology has surged, sending Nvidia’s revenue and stock price to record highs this year.
Nvidia (NVDA) parcels rose Tuesday, pushing the chipmaker back into the top spot on the list of the world’s most valuable companies by demand capitalization, ahead of Apple (AAPL).
Nvidia shares were up 2.4% in intraday trading Tuesday, lifting the chipmaker’s call cap to about $3.44 trillion, with Apple trailing at $3.37 trillion as its shares edged 0.6% higher.
Nvidia’s new move to reclaim the title of word’s most valuable company comes after the chipmaker briefly overtook Apple Monday. Apple, Nvidia, and Microsoft (MSFT) have in the offing battled for the title this year as the only three companies with a market caps over $3 trillion. Microsoft partitions were up about 1.5% Tuesday, giving the company a market cap of about $3.08 trillion.
Nvidia shares organize more than doubled in value since the start of the year as big tech customers like Meta (META) and Google stepfather Alphabet (GOOGL) ramp up spending on chips to power their artificial intelligence (AI) products, driving Nvidia’s profits and stock price to record levels.
William Blair analysts on Monday raised their revenue and profit gauges for Nvidia over the next two fiscal years, citing comments from recent earnings calls as tech heads said they expect to continue increasing spending on AI infrastructure over the next year.