Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Comey to be arraigned in federal court after...
Comey pleads not guilty in court after indictment...
Houthi rebels test US ceasefire with deadly strike...
Kushner joins Witkoff for Gaza ceasefire talks as...
Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved...
White House escalates shutdown consequences as Democrats show...
Moderate Dem undercuts Jeffries on ObamaCare compromise as...
MIKE DAVIS: The Supreme Court betrayed again —...
Senate Democrats defy White House warnings, again block...
Greta Thunberg slammed for using image of starved...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Nvidia overtakes Apple as world’s most valuable company

by admin October 29, 2024
October 29, 2024
Nvidia overtakes Apple as world’s most valuable company

Nvidia dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.

Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed.

Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, while Apple’s shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.

In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft and Apple. The tech trio’s market capitalizations have been neck-and-neck for several months.

Microsoft’s market value stood at $3.18 trillion, with its stock up 0.8%.

The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet, Meta Platforms and other heavyweights to dominate the emerging technology.

Known since the 1990s as a designer of processors for videogames, Nvidia’s stock has risen about 18% so far in October, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion.

Nvidia and other semiconductor stocks got a lift on Friday after data storage maker Western Digital reported quarterly profit that beat analysts’ estimates, buoying optimism about data center demand.

“More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips,” said Russ Mould, investment director at AJ Bell.

“It is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia.”

Nvidia’s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world’s largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.

Meanwhile, Apple is struggling with tepid demand for its smartphones. iPhone sales in China slipped 0.3% in the third quarter, while sales of phones made by rival Huawei surged 42%.

With Apple set to report its quarterly results on Thursday, analysts on average see its revenue climbing 5.55% year over year to $94.5 billion, LSEG data showed.

That compares with analysts’ projections for Nvidia of nearly 82% revenue growth to $32.9 billion.

Shares of Nvidia, Apple and Microsoft have an outsized influence on the richly valued technology sector as well as the broader U.S. stock market, with the trio accounting for about a fifth of the S&P 500 index’s weight.

Optimism about the prospects for AI, expectations that the Federal Reserve will considerably bring down U.S. interest rates, and most recently, an upbeat start to the earnings season, helped lift the benchmark S&P 500 to an all-time high last week.

Nvidia’s massive gains have helped boost the stock’s appeal for option traders and the company’s options are among the most traded on any given day in recent months, according to data from options analytics provider Trade Alert.

The stock has surged nearly 190% so far this year as the boom in generative AI led to a series of blowout forecasts from Nvidia.

“The question is whether the revenue stream will last for a long time and will be driven by the emotion of investors rather than by any ability to prove or disprove the thesis that AI is overdone,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“I think Nvidia knows that near term, their numbers are likely to be quite remarkable.”

This post appeared first on NBC NEWS

previous post
Lindsey Graham strikes back at John Kelly’s ‘fascist’ comment about Trump: ‘Desperate’
next post
Bitcoin Well Infinite Launches OTC Service In Multiple Countries Through A Strategic Partnership

You may also like

Burger King targets families through movie partnerships in...

May 23, 2025

TD Bank pleads guilty in money laundering case,...

October 11, 2024

Domino’s Pizza finally launches stuffed crust to keep...

March 4, 2025

Stock market has worst day since 2022 as...

July 26, 2024

Peloton to start charging subscribers with used equipment...

August 24, 2024

Some experts have raised the odds of a...

August 15, 2024

Inflation picks up again in June as tariffs...

July 17, 2025

Trump Media in reported talks to buy crypto...

November 20, 2024

Skechers to be acquired by 3G Capital in...

May 6, 2025

Byron Allen puts broadcast TV stations up for...

June 3, 2025

Recent Posts

  • Comey to be arraigned in federal court after being indicted for alleged false statements, obstruction
  • Comey pleads not guilty in court after indictment on alleged false statements, obstruction
  • Houthi rebels test US ceasefire with deadly strike on cargo ship
  • Kushner joins Witkoff for Gaza ceasefire talks as Trump pushes peace plan: ‘Cautiously optimistic’
  • Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved socialism fails after killing NYC Amazon deal

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (936)
    • Investing (3,147)
    • Politics (3,845)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.