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<a href="https://www.nvidia.com/en-us/" target="_blank" rel="noopener">Nvidia</a>, an American multinational and technology company has become the world’s most valuable company. The company overtook Apple on Friday following explosive demand for its specialized artificial intelligence chips.&nbsp;&nbsp; 
The chipmaker’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion. The company eventually 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. 
Compared to other semiconductor stocks, Nvidia rose after Western Digital reported a quarterly profit that beat analysts’ forecasts. The company is now a dominant supplier of AI processors amidst the race involving Microsoft, Google, Meta platforms, and other heavyweights in the tech industry. 
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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 company’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 US$6.6-billion 
“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. 
<h4 id="nvidias-impressive-rise-continues" class="wp-block-heading">Nvidia’s impressive rise continues</h4> 
In 2020, Nvidia reported earnings of US$2.796 billion, with an annual revenue of US$10.918 billion. This represented a decline of 6.8% over the previous fiscal cycle. Its shares traded at over $531 per share, and its market capitalization was valued at over US$328.7 billion in January 2021. As of late Q3 2024, Nvidia’s market cap was around US$2.98 trillion. 
For the second half of 2020, the chip maker reported sales of $3.87 billion, which was a 50% rise from the same period in 2019. The surge in sales and people’s higher demand for computer technology. 
According to the financial chief of the company, Colette Kress, the effects of the pandemic will “likely reflect this evolution in enterprise workforce trends with a greater focus on technologies, such as Nvidia laptops and virtual workstations, that enable remote work and virtual collaboration.” 
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 <img loading="lazy" decoding="async" width="1500" height="800" src="https://technext24.com/wp-content/uploads/2024/10/nvidia-headquarters-1500-800.jpg" alt="Nvidia Headquarters, San Francisco " class="wp-image-238352">
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 Nvidia Headquarters, San Francisco 
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In May 2023, Nvidia crossed $1 trillion in market valuation during trading hours and grew to $1.2 trillion by the following November. For its strength, size, and market capitalization, the company has been selected to be one of Bloomberg’s “Magnificent Seven”, the seven biggest companies on the stock market in these regards. 
In June 2024, the company’s market capitalization reached $3 trillion for the first time, becoming the world’s third most valuable company. This move increased the accessibility of shares to investors and followed a significant rise in the company’s value, driven by growing demand for its AI-focused semiconductors.&nbsp; 
The company’s revenue tripled in the most recent fiscal quarter compared to the previous year, reaching $26 billion, with projections for 2025 nearing $117 billion. Its 53.4% net margin indicated strong profitability within the technology sector. The company became the world’s most valuable company, surpassing Microsoft and Apple, on June 18, 2024, after its market capitalization exceeded $3.3 trillion. 
After getting dumped to third by Microsoft and Apple, Nvidia has slowly soared its way back to becoming the world’s biggest technology company. 
<h4 id="a-race-into-the-future-by-the-big-3" class="wp-block-heading">A race into the future by the Big 3</h4> 
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. That looks poor when compared with analysts’ projections for Nvidia of nearly 82% revenue growth to $32.9-billion. 
Apple is struggling with low demand for its smartphones with iPhone sales slipping by 0.3% in the third quarter, while sales of phones made by rival Huawei surged 42%. 
For Nvidia, it became the world’s largest contract chip after its shares hit a record high on Tuesday. It also beat a 54% forecast in quarterly profit driven by soaring demand for chips used in AI. 
“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 CEO, Jensen Huang.&nbsp; 
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 <img loading="lazy" decoding="async" width="768" height="410" src="https://technext24.com/wp-content/uploads/2024/10/jensen-huang-1500-800-768x410-1.jpg" alt="Jensen Huang, Nvidia CEO" class="wp-image-238353">
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 Nvidia CEO, Jensen Huang
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Shares of Nvidia, Apple, and Microsoft have a great influence on the richly valued technology sector and the broader stock market, with the trio accounting for a large scale in global technology. 
<a href="https://technext24.com/2023/05/31/nvidia-is-now-worth-1-trillion/">Also Read: Nvidia is now worth $1 trillion</a>
The post <a href="https://technext24.com/2024/10/28/nvidia-tops-apple-worlds-most-valuable/">Nvidia briefly tops Apple, Microsoft as world’s most valuable company with $3.53trn valuation</a> first appeared on <a href="https://technext24.com">Technext</a>.

Nvidia briefly tops Apple, Microsoft as world’s most valuable company with $3.53trn valuation

Technext.ng

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