Nvidia Corp
What Happened: On Friday, Nvidia's market value briefly reached $3.53 trillion, edging past Apple's $3.52 trillion, Reuters reported. This shift in leadership comes as a result of the record-breaking surge in Nvidia's stock driven by the soaring demand for its new artificial intelligence supercomputing chips.
"More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips," Russ Mould, investment director at AJ Bell, told Reuters.
Nvidia's shares have climbed nearly 18% in October following OpenAI's news of a $6.6 billion funding round. OpenAI, known for creating ChatGPT, relies on Nvidia's chips to train large-scale models like GPT-4, positioning Nvidia to capitalize on the growing demand for advanced AI infrastructure.
Why It Matters: Nvidia's rise to the top is a testament to the growing influence of AI and the increasing demand for AI chips. In June, the company surpassed Microsoft and Apple to become the most valuable public company in the world.
