Business + technology

Nvidia to overtake Apple as world's second-most valuable company soon

Wednesday, 05 Jun, 2024
Apple has been the largest Wall Street firm by market value for years. (Photo courtesy: www.nvidianews.nvidia.com)

New Delhi: Chip-maker Nvidia may soon surpass Apple to become the world's second-most valuable company backed by a surge in adoption of AI. 

Apple has been the largest Wall Street firm by market value for years but as reliance on Nvidia's high-end chips has increased, the company's stock has nearly tripled in value over the past year to $2.68 trillion.

On the other hand, Apple gave up its top spot to Microsoft earlier this year as the company- last valued at $2.92 trillion- grapples with weak demand for its iPhones and tough competition in China. 

Moreover, Nvidia also became the fastest company to grow from $1 trillion to $2 trillion in 2024 as it zoomed past Amazon.com, Google-parent Alphabet and Saudi Aramco. Its stock traded at 37 times forward earnings, compared with 48 times earnings a year ago, LSEG data showed.

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