Hyderabad: Nvidia on Friday briefly surpassed Apple as the world's most valuable company, reaching a market value of $3.53 trillion, slightly above the iPhone maker's $3.52 trillion value. According to Reuters, Nvidia saw a "record-setting rally" in the stocks, courtesy of an insatiable demand for its specialises AI chips. However, Nvidia climbed down to $3.47 trillion by the end of the day, while Apple reclaimed the top spot with a market value of $3.52 trillion.
Nvidia ended the day up 0.8 per cent, whereas Apple's share price rose 0.4 per cent. Meanwhile, Microsoft stood in third place with a value of $3.18 trillion and an increase of 0.8 per cent in stock price.
This is not the first time the GPU company has become the world's most valuable company. Back in June, Nvidia briefly claimed the top spot before it was overtaken by Microsoft and Apple. For the past several months, these three tech giants have been battling it out in a market capitalisation race with neck-to-neck competition.
Nvidia is a leading designer of processors, known as graphics processing units or GPUs -- for video games. However, the company is now also making headwinds in the artificial intelligence hardware, software, and services space, becoming the leading supplier of AI chips. The company saw its stock rise by about 18 per cent in October, which follows ChatGPT-maker OpenAI's $6.6 billion funding round and positive earnings from Western Digital that beat analysts' estimates.
Just recently, Nvidia announced a partnership with Reliance Industries to develop AI infrastructure in India. During a fireside chat at the company's first AI Summit in India, Nvidia CEO Jensen Huang and Reliance Chairman Mukesh Ambani discussed the country's potential in the AI sector, citing its large population of computer engineers, vast data resources, and significant consumer base.
