Nvidia, a Wall Street favorite for artificial intelligence, has claimed the title of the world’s most valuable company. With a market capitalization of $3.34 trillion on Tuesday, it surpassed Microsoft and Apple to take the top spot.
Nvidia’s success comes from its advanced chips that power AI systems, particularly generative AI technology such as OpenAI’s ChatGPT. The company is at the forefront of the tech industry and has been one of the best-performing stocks in 2023.
Microsoft recently lost ground to Nvidia after falling by 0.5% on Tuesday, while Apple shares lost 1.1%. Despite this setback, Microsoft remains a major player in the tech industry and continues to innovate in AI technology.
Nvidia’s rise to the top position comes as prominent tech companies compete for dominance in the marketplace. Apple briefly held the top spot after announcing new generative AI features for its iPhone at its annual Worldwide Developers Conference in June. However, Nvidia’s recent stock split and strong performance propelled it to surpass both Microsoft and Apple.
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