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Nvidia Briefly Surpasses Apple as World's Second-Most Valuable Company

On June 5, American chipmaker Nvidia briefly surpassed Apple to become the world’s second-most valuable company by market capitalization before slipping back to third place. Nvidia's market cap surged to over $3.01 trillion, nearing Microsoft's leading cap of $3.1 trillion.

Nvidia Briefly Surpasses Apple as World's Second-Most Valuable Company

However, as U.S. markets opened on June 6, Apple reclaimed its position, reaching a valuation of $3.007 trillion, while Nvidia remained in third place at $2.973 trillion. These figures represent new all-time highs for both Nvidia and Apple, as well as for the NASDAQ and S&P 500, with further fluctuations expected in the coming days. Microsoft maintains its top spot as the most valuable company of all time by market capitalization. However, the dynamic global technology landscape, along with upcoming product launches, partnerships, and potential regulatory actions, could shift the rankings.

Apple’s Worldwide Developers Conference is set for Monday, June 10. Analysts anticipate several artificial intelligence (AI) announcements from Apple, including a potential partnership with ChatGPT maker OpenAI.

Reports indicate that Apple executives believe the company has lagged behind Microsoft, which has invested over $13 billion in OpenAI. Rumors suggest Apple is urgently forming partnerships with OpenAI and other AI-related companies and recruiting AI talent from rivals like Google.

Nvidia stands to benefit the most from the booming AI market in 2024. Its graphical processing unit (GPU) chips are increasingly in demand as the preferred hardware for AI development.

Not only do Microsoft and Google utilize Nvidia chips, but other industry leaders such as OpenAI, Amazon, and Elon Musk’s xAI also rely on them.


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