Nvidia, a leading American software company, claims the title of the the world’s most valuable company in terms of market capitalization, top technology giant Apple. The company’s shares rose 2.5% during Tuesday’s trading hours, bringing its market value to about $3.44 trillion, higher than Apple’s $3.37 trillion.
The world’s most valuable companies, Nvidia, Microsoft and Apple, have been competing for the title of ‘world’s most valuable company’ for most of the year. However, Nvidia was the surprise story of the year thanks to its investments in chips that power its artificial intelligence technology.
Nvidia has been boosted by the 850% growth in the AI and machine learning space and the growth of AI-based coins. As the company enjoys increased demand for its chips, other AI coins such as the Internet Computer, NEAR Protocol, Bittensor, Injective, and Artificial Superintelligence Alliance have also enjoyed their respective increases.
Nvidia overtakes Apple as the most valuable company in the world https://t.co/chWMKMofPL pic.twitter.com/Zfqa4PBYcu
— CNA (@ChannelNewsAsia) October 25, 2024
Nvidia shares continue to rise, giving the company an edge over Apple
Last September 6, Nvidia’s price was only $102.83, but quickly started to rise thanks to increasing demand for its chips. The core of its activities are the AI chips that power many major language models today.
According to Fall Ainina of James Investment Research, Nvidia’s current position is tied to machine learning and the growth of the generative AI industry. Thanks to its role in advancing AI technology, the company’s stock price has risen more than 850% since 2022.
Image: Feng Li/Getty Images
The company supplies chips to top technology companies such as Amazon, Alphabet, Meta and even Microsoft. Analysts expect the company’s revenue to exceed company expectations, with an additional 44% growth next year.
AI Coins power company to market dominance
Nvidias impressive performance this year can be attributed to the demand for chips and the growth of AI coins. For example, there is the NEAR protocol, which is up 5.40%. The price is currently at $3.81, with a trading volume of over $222 million within 24 hours.
Internet Computer is another AI coin that is booming and adding 5% to the market value, with a market volume of $57 million.
Bitcoin market cap currently at $1.46 trillion. Chart: TradingView.com
Numerous AI coins are joining the tech company’s market rally. Bittensor is now trading at $482, and Artificial Superintelligence rises to $1.25, reflecting an increase of 10.96%.
AI now a major part of Wall Street
Nvidia’s growing market capitalization and continued popularity of AI coins highlight AI’s increasing influence. Some of the top Wall Street firms, such as Amazon, Microsoft, Meta, and Alphabet, are now working with the company to expand their AI capabilities.
Market analysts expect the company and the AI coins to continue their rally in the near term. At the time of writing, Nvidia is responsible for 7% of the weighting of the US S&P 500 Index. It’s also crucial to note that AI stocks like Nvidia are among the best performing stocks of the year.
Featured image of The Brand Hopper, chart from TradingView