Nvidia surpassed Apple to become the most valuable company, with demand for its artificial intelligence (AI) chips fuelling the surge in its stock price.
Nvidia shares rose by 2.84 percent on Tuesday, to close at $139.91, taking the company’s market capitalization to $3.43 trillion—higher than Apple’s market cap, which by the end of Nov. 5, was at $3.38 trillion.
Nvidia had earlier briefly dethroned Apple on Oct. 25. The graphics chip manufacturer also has higher trading volumes. On Tuesday, the corporation’s average trading volume was 248 million, around six times more than Apple’s 41 million, signifying high investor interest.
On a year-to-date basis, Nvidia is up by more than 190 percent, a far bigger rate of return compared to Apple’s 20 percent gain. Nvidia came into significant prominence following the demand for its AI chips. The company’s shares have risen by more than 900 percent in the past two years and more than 2,500 percent since 2019….