Important points
Nvidia (NVDA) stock rose on Tuesday, pushing the chipmaker back to the top spot ahead of Apple (AAPL) on the list of the world’s most valuable companies by market capitalization.
Nvidia shares rose 2.4% in intraday trading Tuesday, giving the chipmaker a market capitalization of about $3.44 trillion. Apple followed with a 0.6% increase in stock value to $3.37 trillion.
Nvidia’s latest move to reclaim the title of most valuable company in Word comes after the chipmaker briefly overtook Apple on Monday. Apple, Nvidia, and Microsoft (MSFT) have been vying for the title this year as the only three companies with a market capitalization over $3 trillion. Microsoft shares rose about 1.5% on Tuesday, giving the company a market capitalization of about $3.08 trillion.
Nvidia’s stock price has fallen as major tech customers such as Meta Inc. (META) and Google parent Alphabet Inc. (GOOGL) have increased spending on chips that power their artificial intelligence (AI) products, boosting Nvidia’s earnings and stock price. Its value has more than doubled since the beginning of the year. Prices at record levels.
Analysts at William Blair on Monday cited comments made on a recent earnings call and warned Nvidia’s future, after tech executives said they expected spending on AI infrastructure to continue to rise next year. The company raised its sales and profit forecasts for the second fiscal year.
