Nvidia has seized the crown as the world’s most valuable company, briefly eclipsing Apple in a remarkable show of market dominance driven by increased demand for its advanced AI chips.
This milestone shows Nvidia’s rapid ascent amid the artificial intelligence boom, with the company’s market valuation momentarily peaking at $3.53 trillion—just above Apple’s $3.52 trillion.
The company’s latest boost comes on the heels of a $6.6 billion funding round from OpenAI, the creators of ChatGPT, which relies on Nvidia’s GPUs to train its language models.
This jump in demand has been further supported by a robust AI adoption across sectors, reinforcing Nvidia’s role as an indispensable provider in the AI hardware landscape.
Nvidia’s shares hit an all-time high on Tuesday, fuelled by last week’s promising financial results from TSMC, the world’s largest contract chipmaker, which reported a 54% quarterly profit jump amid rising demand for AI chips. Investors are now eyeing Nvidia’s third-quarter results due in November.
The company has forecast revenue of around $32.5 billion for the quarter, slightly below market expectations of $32.9 billion according to LSEG data.
Following a recent meeting with Nvidia CEO Jensen Huang, reports pointed to strong demand for the company’s next-generation Blackwell chips, which are reportedly booked out for the next 12 months. Production of these chips has faced some delays, adding pressure on Nvidia’s supply chain, though the company has reiterated its confidence in meeting market demand.
