Nvidia Surpasses Apple in AI Chip Race

Nvidia briefly surpassed Apple as the world's most valuable company due to increased demand for its AI chips, reaching a market value of $3.53 trillion. The company's shares have surged this year, primarily driven by the boom in AI, while major competitors Apple and Microsoft vie for dominance.

Nvidia took the lead over Apple as the world's most valued company following an unparalleled surge in its stock, spurred by growing demand for AI chips. Nvidia's market value momentarily touched $3.53 trillion, slightly overtaking Apple's $3.52 trillion, according to LSEG data.

Amid tough competition, Nvidia was last up 2.2% with a $3.52 trillion valuation, closely trailing Apple's marginally higher valuation. In recent months, Nvidia, Microsoft, and Apple have been in a close contest for dominance at the top of the technology sector.

Nvidia's recent gains are supported by its central role in AI computing and the tech industry's quest to dominate this frontier. The company's continued growth is underpinned by rising investments in AI across multiple sectors, a trend analysts expect to sustain absent major economic downturns.

(With inputs from agencies.)