Nvidia reclaims the title of the world’s most valuable company by market capitalization, topping tech giant Apple

The company's shares jumped by 2.5% during Tuesday's trading hours, pushing its market valuation to roughly $3.44 trillion, topping Apple's $3.37 trillion.

Nvidia has officially reclaimed the title of the world’s most valuable company by market capitalization, overtaking tech giant Apple.

During Tuesday’s trading hours, Nvidia’s shares jumped by 2.5%, pushing its market valuation to roughly $3.44 trillion, compared to Apple's $3.37 trillion.

This year, the world’s most valuable companies have been contesting the title for most of the year. However, Nvidia's impressive performance in 2024 can be attributed to its focus on chips that power Artificial Intelligence technology, making the company a key player in the rapidly growing AI industry.

Nvidia shares continue to surge, pushing the company ahead of Apple

On September 6th, 2023, Nvidia's price was just $102.83. However, thanks to increasing demand for its chips, especially those powering large language models, Nvidia's stock price began to climb sharply.

According to Fall Ainina of James Investment Research, Nvidia's current position is linked to the growth of the machine learning and generative AI industry.

Nvidia's role in advancing AI technology has seen the company's stock increase by over 850% since 2022.

Nvidia's chips are used by top tech companies like Amazon, Alphabet, Meta, and even Microsoft. Analysts expect the company's revenues to beat the company's estimates, with an additional 44% growth next year.

AI coins power company to market dominance

Nvidia's impressive performance this year can also be attributed to the demand for its chips and the growth in AI coins.

For instance, the NEAR protocol jumped by 5.40%. It is currently priced at $3.81, with over $222 million in 24-hour trading volume.

Another AI coin that is surging is Internet Computer, which added 5% to its market value and had a market volume of $57 million.

Several AI coins are joining the tech firm's market rally. Bittensor is now trading at $482, and Artificial Superintelligence is rising to $1.25, an increase of 10.96%.

AI now a key component of Wall Street

Nvidia's growing market cap and the continuing popularity of AI coins highlight AI's increasing influence.

Some of the top Wall Street companies, such as Amazon, Microsoft, Meta, and Alphabet, are working with the company to expand their AI capabilities.

According to market analysts, the company and AI coins are expected to sustain their rally in the short term. As of this writing, Nvidia accounts for 7% of the US S&P 500 Index weight.

It is also important to note that AI stocks like Nvidia are some of the performing stocks for the year.