On June 5, American chipmaker Nvidia briefly surpassed Apple to claim the title of the world’s second most valuable company by market capitalization. With a surge in capitalization to over $3.01 trillion, Nvidia came within striking distance of Microsoft, the current leader at $3.1 trillion.
However, Apple quickly reclaimed its position as the U.S. markets opened on June 6, regaining second place with a valuation of $3.007 trillion. Nvidia, on the other hand, remained in third place with a valuation of $2.973 trillion.
These record-breaking numbers mark new heights for both Nvidia and Apple, as well as for the NASDAQ and S&P 500 indices. Further fluctuations are expected in the days ahead.
Despite Microsoft maintaining its lead as the most valuable company by market capitalization, the rapidly changing global tech landscape, upcoming product launches, partnerships, and potential regulatory actions could lead to significant shifts in the rankings.
Apple’s upcoming Worldwide Developer’s Conference on June 10 is anticipated to bring a wave of AI announcements, including a potential partnership with OpenAI, the creators of ChatGPT. Reports suggest that Apple is eager to catch up to Microsoft’s investments in OpenAI, rumored to be over $13 billion, by forming partnerships and recruiting top AI talent from rival companies like Google.
Looking ahead to the 2024 market, Nvidia stands to benefit greatly from the rising demand for AI technology. Their GPU chips have become the preferred hardware platform for AI development, with major players like Microsoft, Google, OpenAI, Amazon, and Elon Musk’s xAI relying on Nvidia’s technology.