(WJET/WFXP) — Nvidia, a tech company known by most for its graphics processing units, has surpassed Apple to become second most valuable company in the world.
Nvidia only just became became a $1 trillion company back in May 2023, and climbed to a $2 trillion valuation in February of this year. Nvidia on Wednesday surged past Apple, Amazon and Alphabet, sitting at a valuation of just over $3 trillion. The company saw an increase in its market capitalization by over $150 million in just one day.
For now, Microsoft still holds the top seat with a valuation of $3.15 trillion.
Nvidia is largely benefiting from the rise in the demand for AI technology, with their AI accelerators comprising approximately 80% of the market. Nvidia is a very popular brand among PC builders, gamers and industry professionals alike, offering a large variety of products from household to industrial grade.
While Nvidia is seeing a surge in interest, Apple on the other hand is facing troubles such as weak iPhone demand and intense competition in China. However, Apple’s sales in China may be seeing a recovery after a surge in iPhone sales in April 2024.
