June 10, 2024
Tech Market Valuation Shift
AI

Nvidia Briefly Surpasses Apple in Market Value Amid AI Surge

Nvidia Surpasses Apple

U.S. chipmaker Nvidia briefly overtook Apple on June 5, becoming the world’s second-most valuable company by market capitalization, before returning to third place. Nvidia’s market cap surged to over $3.01 trillion, nearing Microsoft’s first-place cap of $3.1 trillion.

Apple Reclaims Second Place

Not to be outdone, Apple reclaimed its position as U.S. markets opened on June 6, climbing back into second place with a valuation of $3.007 trillion. Nvidia remains in third place with a valuation of $2.973 trillion. These valuations mark new all-time highs for both Nvidia and Apple, as well as for the NASDAQ and S&P 500, with further movement expected in the coming days. Microsoft maintains its lead, remaining the most valuable company by market capitalization.

Apple’s Strategic Moves

Apple’s upcoming WWDC (Worldwide Developer’s Conference) on June 10 is anticipated to bring a slew of artificial intelligence announcements, including a potential partnership with OpenAI, the creator of ChatGPT. Reports indicate that Apple executives are concerned about falling behind Microsoft, which has invested over $13 billion in OpenAI. Rumors suggest Apple is actively seeking partnerships with AI companies and hiring AI experts from rivals like Google.

Nvidia’s AI dominance

Nvidia stands to benefit significantly from the surging artificial intelligence market in 2024. The company’s graphical processing unit (GPU) chips are in high demand as the preferred hardware for AI development. Microsoft and Google rely on Nvidia chips, and industry leaders such as OpenAI, Amazon, and Elon Musk’s AI ventures, including Tesla and xAI, also utilize them.

Way ahead 

As the global technology landscape continues to evolve, the competition among giants like Nvidia, Apple, and Microsoft is expected to intensify. Impending product launches, strategic partnerships, and potential regulatory actions could cause significant shifts in market positions. Both Nvidia and Apple have reached historic market valuations, reflecting their critical roles in the rapidly advancing tech industry.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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