What you need to know

  • NVIDIA is now the second most valuable company in the world, ahead of Apple, and has over $3 trillion in market capitalization.
  • The chip maker’s success can be attributed to the rising demand for GPUs to foster AI advances.
  • Apple will reportedly join the AI fray during WWDC 2024 and integrate cutting-edge technology across its devices to compete with Microsoft on an even playing field.

Every major tech corporation dabbling with artificial intelligence seems to be reaping big benefits. At the beginning of this year, Microsoft became the world’s most valuable company, with over $3 trillion in market valuation ahead of Apple. Now, NVIDIA has surpassed Apple to become the second most valuable company in the world.

NVIDIA’s market cap hit $3 trillion on Wednesday after its shares rose by over 5% and ended the day at $1,224.40. The chip maker’s market capitalization currently sits at $3.01 trillion—a few hundred million behind Apple’s $3.00 trillion market capitalization.