US chipmaker Nvidia has surpassed tech giant Apple to become the world’s largest company, driven by significant growth in the global artificial intelligence (AI) sector. According to Bloomberg, Nvidia’s market capitalization has more than doubled since late 2022, reaching $3.43 trillion, surpassing Apple’s $3.38 trillion valuation. This marks a temporary reversal of fortunes between the two tech giants, who had previously swapped places in June but only held the top spot for one day. The shift is attributed to Nvidia’s strong position as a foundational component in top large language models and its competitive advantage in AI-related projects.
Source: https://techcrunch.com/2024/11/05/nvidia-just-became-the-worlds-largest-company-amid-ai-boom