Nvidia, the leading American software company, regains the title The most valuable company in the world In terms of market capitalization, superior to technology giant Apple. The company’s shares jumped 2.5% during trading hours on Tuesday, raising its market value to nearly $3.44 trillion, surpassing Apple’s $3.37 trillion.
The world’s most valuable companies, Nvidia, Microsoft, and Apple, have been competing for the title of “world’s most valuable company” for most of the year. However, Nvidia has been the surprise story of the year thanks to its investment in the chips that power its AI technology.
Nvidia It was boosted by the 850% growth in artificial intelligence and machine learning and the growth of AI-based coins. As the company enjoys increased demand for its chips, other AI coins such as Internet Computer, NEAR Protocol, Bittensor, Injective, and Artificial Superintelligence Alliance have also enjoyed a surge.
Nvidia overtakes Apple to become the world’s most valuable company https://t.co/chWMKMofPL pic.twitter.com/Zfqa4PBYcu
– Central News Agency (@ChannelNewsAsia) October 25, 2024
Nvidia shares continue to rise, pushing the company ahead of Apple
On September 6, Nvidia’s price was only $102.83, but it quickly began to rise thanks to the growing demand for its chips. At the heart of its operations is Artificial intelligence chips Which supports many of today’s large language models.
According to Fall Ainina of James Investment Research, Nvidia’s current position is tied to machine learning and the growth of the generative AI industry. Thanks to its role in developing artificial intelligence technology, the company’s stock has risen by more than 850% since 2022.
Image: Feng Li/Getty Images
The company supplies chips to major technology companies such as Amazon, Alphabet, Meta, and even Microsoft. Analysts expect the company’s revenues to exceed company estimates, with additional growth of 44% next year.
AI Coins Power Company to dominate the market
Nvidia Impressive performance This year can be attributed to the demand for its chips and the growth in AI coins. For example, there is the NEAR protocol, which jumped 5.40%. It is currently priced at $3.81, with a 24-hour trading volume of over $222 million.
Internet Computer is another AI coin that is on the rise, adding 5% to its market cap, and has a market cap of $57 million.
Bitcoin market cap currently at $1.46 trillion. Chart: TradingView.com
Plenty of AI coins are joining the tech company market rally. Bittensor is now trading at $482, and Super AI rises to $1.25, reflecting a 10.96% increase.
AI is now a major component of Wall Street
Nvidia’s growing market capitalization and the continuing popularity of AI coins highlight the growing influence of AI. Some of Wall Street’s biggest firms, such as Amazon, Microsoft, Meta, and Alphabet, are now working with the company to expand its AI capabilities.
Market analysts expect the company’s coins and AI coins to maintain their rise in the short term. As of this writing, Nvidia represents 7% of the weight of the US S&P 500 Index. It’s also important to note that AI stocks like Nvidia are among the good performers this year.
Featured image from The Brand Hopper, chart from TradingView
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