24/7 Wall St. Insights
- Nvidia Corp. (NASDAQ: NVDA) has moved ahead of Apple Inc. (NASDAQ: AAPL) based on market capitalization.
- This is a sign that people expect the artificial intelligence boom to continue.
- Also: 2 Dividend Legends to Hold Forever.
After months of coming close, Nvidia Corp. (NASDAQ: NVDA) has moved ahead of Apple Inc. (NASDAQ: AAPL) based on market capitalization. Several sources confirm that the two companies have traded places at the top of the ladder.
Bloomberg puts Nvidia’s market cap at $3.43 trillion, versus Apple’s $3.38 trillion. The news service quoted Fall Ainina, director of research at James Investment Research, who said, “Nvidia overtaking Apple in market cap not only conveys that it is the biggest beneficiary of the AI infrastructure cycle, but it suggests people expect the AI boom will continue.”
Apple’s only significant product in the AI sector is the new Apple Intelligence features in iOS18. These features are more like personal assistants than the major AI enterprise features created by Amazon, Microsoft, Meta, and several privately held AI companies.
Apple has been the most valuable company for the majority of the past several years. It was the first company to pass the $1 trillion barrier in mid-2018. It topped $2 trillion in August 2020 and $3 trillion in early 2022.
Nvidia surged to the top spot as AI became the most significant tech advance since the creation of the internet. Its stock is up 880% in the past two years. Apple’s is higher by 61% over the same period, and the S&P 500 is up 53%.
Nvidia announces its quarterly figures on November 20. That may determine whether it stays ahead of Apple’s market value.
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