Nvidia Outshines Apple: Ascends the Throne as World's Most Valuable Company!

Nvidia temporarily surpassed Apple's value last week, being propelled by strong demand for artificial intelligence (AI) chips. 

The company's market value briefly climbed to $3.53 trillion, slightly nudging ahead of Apple. This tech battle has been heating up over several months, as Nvidia, Apple, and Microsoft's market caps continue to jostle. Nvidia, historically known for their gaming processors, has staked their claim in the highly competitive field of AI with their specialised chips, making them a significant player amongst tech giants like Microsoft, Alphabet, and Meta Platforms. 

This strong market position has resulted in a sharp 18% rise in their stock within October alone. Investment Director at AJ Bell, Russ Mould, notes the increasing incorporation of AI in businesses, creating robust demand for Nvidia's chips. As leading contract chipmaker TSMC reported a soaring 54% increase in quarterly profits due to high demand for AI chips, Nvidia also witnessed a surge in their shares. 

Conversely, Apple grapples with lukewarm smartphone demand. As AI enthusiasm continues to thrive, Nvidia expects to record about 82% in revenue growth to $32.9 billion, keeping investors eagerly watching.

- CyberBeat