Nvidia Dethrones Apple as World's Most Valuable Company For the first quarter ending April 28, 2024, NVIDIA reported a revenue of USD 26.0 billion, up 18 per cent from the previous quarter and up 262 per cent year-on-year
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Jensen Huang's Nvidia, after losing USD 279 billion in market capitalization in September this year due to investor concerns around artificial intelligence (AI), has regained the title of the most valuable publicly traded company in the world.
On Tuesday, Nvidia dethroned Tim Cook-led Apple and rose nearly three per cent to close with a market cap of USD 3.43 trillion. While Apple closed at USD 3.4 trillion on Tuesday, it fell to USD 3.3 trillion at the time of publishing.
Notably, Nvidia's shares have almost tripled in 2024 due to investor confidence in the GPU growth rate and the company's position as a leader in the AI market.
A dominant supplier of graphics processing units (GPUs), Nvidia's stocks have gone up over 2,700 per cent in the past five years, and revenue has more than doubled in each of the past five quarters, tripling in three of them.
For the first quarter ending April 28, 2024, NVIDIA reported a revenue of USD 26.0 billion, up 18 per cent from the previous quarter and up 262 per cent year-on-year.
"The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence," said Jensen Huang, founder and CEO, NVIDIA in its Q1 Fiscal 2025 results.
Notably, Nvidia surpassed Apple in June this year.
Apple was the first company to reach a USD one trillion and a USD two trillion market cap. The iPhone maker saw its shares go up by almost 17 per cent this year. Many analysts feel the recent release of its Apple Intelligence-powered iPhones could drive sales and position the company in a leadership position in "edge AI." Microsoft, a key Nvidia GPU user, ranks third with a market cap of close to USD three trillion.
Nvidia is slated to report results on November 20.
