Nvidia overtakes Apple as world's most valuable company

Nvidia briefly surpassed Apple as the world's most valuable company, reaching a market cap of $3.53 trillion due to high demand for its AI chips.

The Silicon Valley chipmaker's stock surged nearly 190% in 2023, driven by widespread adoption of AI and favorable market conditions. Nvidia’s dominance in AI chip supply has placed it ahead of tech giants like Microsoft, Alphabet, and Meta in the AI race.

Despite Apple’s stable position, its iPhone sales face challenges, while Nvidia benefits from strong demand, creating a positive market outlook.