NVIDIA Stock Soars to Record Valuation, Overtakes Apple as AI Drives Demand

The article discusses NVIDIA’s remarkable stock surge, propelling the company to become the world’s most valuable semiconductor firm, surpassing Apple. NVIDIA’s shares skyrocketed by over 24%, reaching an all-time high of $388.92, driven by the company’s dominance in artificial intelligence (AI) and the growing demand for its chips. The stock’s rally added over $190 billion to NVIDIA’s market capitalization, pushing it past Apple’s valuation of $2.76 trillion. Analysts attribute NVIDIA’s success to its leadership in AI computing, with its chips powering advanced applications like ChatGPT and self-driving cars. The company’s data center business, which provides chips for AI workloads, saw a 14% year-over-year increase in revenue. NVIDIA’s CEO, Jensen Huang, emphasized the company’s focus on AI, stating that it is “one of the world’s most impactful and valuable technologies.” The surge in NVIDIA’s stock highlights the immense potential and investor enthusiasm surrounding AI and the companies driving its development.

Source: https://markets.businessinsider.com/news/stocks/nvidia-stock-price-soars-record-valuation-overtakes-apple-nvda-ai-2024-11