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Nvidia Briefly Overtakes Apple in Market Cap Race: Tech Giants' Battle for Valuation Supremacy

Jun 6, 2024

 Nvidia Briefly Overtakes Apple in Market Cap Race: Tech Giants' Battle for Valuation Supremacy
 Nvidia Briefly Overtakes Apple in Market Cap Race: Tech Giants' Battle for Valuation Supremacy
 Nvidia Briefly Overtakes Apple in Market Cap Race: Tech Giants' Battle for Valuation Supremacy

On June 5th, Nvidia briefly surpassed Apple to become the world's second-most valuable company by market capitalization, with a valuation exceeding $3.01 trillion. However, by the next day, Apple reclaimed its position, reaching a valuation of $3.007 trillion, while Nvidia settled back into third place at $2.973 trillion. This surge in valuation for both companies coincides with record highs for the NASDAQ and S&P 500 indices. Meanwhile, Microsoft maintains its lead as the most valuable company globally, with a market capitalization of $3.1 trillion. Analysts anticipate further market movements in light of Apple's upcoming Worldwide Developers Conference, where AI announcements and potential partnerships, including with OpenAI, are expected. Nvidia's prominence in the AI hardware market positions it well to capitalise on the growing demand for GPU chips in AI development, with notable clients including Microsoft, Google, Amazon, and OpenAI.