Nvidia surpasses Apple to become second most valuable company; check top 10 list

Artificial intelligence major Nvidia has dethroned iPhone maker Apple Inc. as the world's second-most valuable company. This development comes as the AI chipmaker prepares for a stock spit ten-for-one, which could increase its appeal to retail investors.

The market capitalisation of Nvidia stands at ₹3.01 trillion, while that of Apple is ₹3 trillion. Microsoft takes the top spot at ₹3.15 trillion.

List of top 10 most valuable US companies by market cap

Nvidia's stock has risen by 147% so far in 2024 due to high demand for its top-of-the-line processors from technology companies such as Microsoft, Google-owner Alphabet and Meta Platforms as they continue to bolster their AI computing capabilities.

Nvidia's recent earnings call revealed a profit of USD 14 billion, mainly attributed to AI chip sales.

On Sunday, NVIDIA founder and CEO Jensen Huang said that generative AI is reshaping industries and will open new opportunities for innovation and growth.

"Today, we're at the cusp of a major shift in computing," he said, adding, "The intersection of AI and accelerated computing is set to redefine the future."

Stating that the future of computing is accelerated, Huang said, "With our innovations in AI and accelerated computing, we're pushing the boundaries of what's possible and driving the next wave of technological advancement".