Nvidia surpasses Apple, becoming world’s second most valuable company fuelled by AI boom

Nvidia has become the second most valuable company globally, achieving a market capitalisation of USD 3.01 trillion on Wednesday. This milestone places the chipmaker ahead of Apple, which stands at USD 3 trillion.

The surge in Nvidia’s market value is largely attributed to its leadership in the AI sector, particularly due to the success of its flagship H100 chip. Nvidia first hit the USD 1 trillion mark in May 2023 and reached USD 2 trillion by February 2024, surpassing Amazon and Alphabet.