NVIDIA Surpasses Apple to Become the Most Valuable Company

NVIDIA Corp. has officially surpassed Apple, Inc. to become the world's most valuable publicly traded company as of Tuesday. This achievement marks a significant moment in the tech industry and reflects the rapid growth and importance of artificial intelligence.

The Details: On Tuesday, after the market closed, Nvidia reported a market capitalization of $3.43 trillion, placing it just ahead of Apple's valuation of $3.38 trillion, as per data sourced from industry reports. This leap follows Nvidia's substantial growth of over 200% in the last year, predominantly driven by its pivotal role in producing chips for AI applications.

In recent months, Nvidia had briefly overtaken Apple in market capitalization back in June but saw a slight decline over the summer. The recent ascendancy underscores the increasing significance of AI technologies and highlights how specialized hardware from companies like Nvidia is crucial for further advancements.

Despite this remarkable milestone, many analysts are optimistic about Nvidia's ongoing growth trajectory. In October, leading financial institutions including BofA Securities, Goldman Sachs, and Morgan Stanley provided updated ratings, with an average price target of $163.33 for Nvidia's stock. This represents an anticipated upside of about 17.04% based on current market conditions.

Further adding to Nvidia's prominence, S&P Dow Jones announced that Nvidia will be joining the Dow Jones Industrial Average on November 8. This inclusion replaces Intel Corp. (INTC) and places Nvidia alongside tech giants like Apple in this prestigious index.

NVDA Price Action: Share prices for Nvidia concluded Tuesday's trading session at $139.91, reflecting a 2.84% increase.

NVIDIA, Apple, Market