Nvidia Passes Apple to Become the World's Most Valuable Company - Powered by Demand for AI Chips

'Nvidia dethroned Apple as the world's most valuable company on Friday...' reports Reuters, 'powered by insatiable demand for its specialized artificial intelligence chips.'

Nvidia's stock market value briefly touched $3.53 trillion, slightly above Apple's $3.52 trillion, LSEG data showed... In June, Nvidia briefly became the world's most valuable company before it was overtaken by Microsoft and Apple. The tech trio's market capitalizations have been neck-and-neck for several months. [Friday] Microsoft's market value stood at $3.18 trillion, with its stock up 0.8%...

Nvidia's shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world's largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.

The article points out that by the end of the day Friday, Nvidia's valuation had dropped to $3.47 trillion, while Apple had risen to $3.52 trillion...

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