Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Michelle Obama facing backlash over claim about women’s...
Hamas agrees to release 10 more hostages
ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may...
Iran condemns Austria over report on advanced nuclear...
Israel hostage deal in doubt as Hamas adds...
White House urges Iran to accept nuclear deal...
Trump warns Rand Paul he’s playing into ‘hands...
Senate Republicans eye changes to Trump’s megabill after...
Trump shares post saying Biden was executed, replaced...
House Dems’ campaign chair says her party’s ‘on...
  • 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

Federal Reserve fines Walmart-linked Green Dot Corp $44...

July 23, 2024

FDA declares cucumber-linked Salmonella outbreak over after 155...

August 27, 2024

Chipotle says restaurants will give bigger servings after...

July 28, 2024

Some local Teamsters groups announce Harris endorsements after...

September 23, 2024

Macy’s turnaround hinges on revamping some stores and...

March 7, 2025

Amazon’s Nova AI agent launch puts it up...

April 1, 2025

Amazon’s $4 billion investment in AI firm Anthropic...

August 9, 2024

Trader Joe’s recalls 653,000 scented candles due to...

August 16, 2024

Why Honeywell CEO Vimal Kapur doesn’t think the...

October 15, 2024

Rite Aid files for second bankruptcy in two...

May 6, 2025

Recent Posts

  • Michelle Obama facing backlash over claim about women’s reproductive health
  • Hamas agrees to release 10 more hostages
  • ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may be imminent
  • Iran condemns Austria over report on advanced nuclear weapons program
  • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


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

    Categories

    • Business (752)
    • Investing (2,219)
    • Politics (2,748)
    • Stock (4)
    • About 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 © 2024 Sightful Invest. All Rights Reserved.