Nvidia Back On Top: Edges Out Apple As AI Demand Drives Market Surge

Sean C

On Friday, Nvidia’s market value briefly reached $3.53 trillion, edging past Apple’s $3.52 trillion. This shift in leadership comes as a result of the record-breaking surge in Nvidia’s stock driven by the soaring demand for its new artificial intelligence supercomputing chips.

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

Nvidia’s shares have climbed nearly 18% in October following OpenAI’s news of a $6.6 billion funding round. OpenAI, known for creating ChatGPT, relies on Nvidia’s chips to train large-scale models like GPT-4, positioning Nvidia to capitalize on the growing demand for advanced AI infrastructure.