For a while now, Apple has been leading the market as the most valuable company in the world. But it seems like that’s not the case anymore. Silicon maker Nvidia has taken over the title from Apple to become the world’s second most valuable company, trailing only Microsoft.
This happened after Nvidia’s stock prices surged and their market capitalization reached beyond the $3 trillion mark. This was a first for the company and it is now the second most valuable company globally.
This growth can be credited to the AI wave that we are currently witnessing. There is a growing demand for Nvidia’s artificial intelligence (AI) server chips in the market. Hence, over the last year, its stock prices have more than tripled. More demand, more supply, more money, and hence the achievement.
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Apple had gained this feat for the first time in January 2022 when it achieved a $3 trillion market cap. Now, for the first time since 2019, Apple has slipped to the third spot in market value rankings. When the market closed, its shares stood at $195.87. This is slightly lower from its 52-week high of $199.62.
But still, Apple is a key player and it is expected that it will regain its spot. The company is expected to host the annual Worldwide Developers Conference (WWDC) on June 10th. Apple will unveil new AI features and can also collaborate with OpenAI and Google. So things might change then.
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However, what we can make from this change is that the market is changing and AI is the need of the hour in our evolving tech landscape. AI technologies are being highly valued, and that’s going to be the case for a while now.
