Nvidia replaces Apple as world's most valuable company

Tech leader Nvidia Tuesday replaced Apple as the highest valued company in the world as the Artificial Intelligence (AI) boom continues to excite Wall Street

[Photo Credit: Nvidia]

New York: Tech leader Nvidia Tuesday replaced Apple as the highest valued company in the world as the Artificial Intelligence (AI) boom continues to excite Wall Street.

Nvidia's Compute and Networking business segment, which includes Artificial Intelligence (AI), is the company's biggest revenue generator.

Nvidia shares in the AI juggernaut rose 2.9 percent to $139.93, swelling its market capitalization to $3.43 trillion, ahead of Apple at $3.38 trillion, according to news agency AFP.

Nvidia previously became the largest traded company in June, although it only held the record for a day. It is currently worth more than Amazon and Meta combined.

The world's biggest tech companies have invested tens of billions of dollars into Nvidia's powerful AI technology that is the central component for training powerful generative AI systems such as OpenAI's ChatGPT or Google's Gemini.

Nvidia designs and sells GPUs for gaming, cryptocurrency mining, and professional applications and high end graphics solution. The company also sells chip systems for use in vehicles, robotics, and more.

This is not the first time Apple has lost its top position in terms of value. Back in 2022, Saudi oil giant Aramco had surpassed the American tech giant's net worth.

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