Nvidia overtakes Apple as world’s most valuable company

Nvidia dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.

Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed.

Nvidia ended the day up 0.8 per cent, with a market value of $3.47 trillion, while Apple’s shares rose 0.4 per cent, valuing the iPhone maker at $3.52 trillion.