American chipmaker Nvidia briefly overtook Apple to become the world’s second-most valuable company by market capitalization on June 5 before dipping back into third place.
The movement occurred as Nvidia’s capitalization surged to over $3.01 trillion, pulling it within a stone’s throw of Microsoft’s first-place cap of $3.1 trillion.
Not to be outdone, Apple retook its position as U.S. markets opened on June 6, climbing back into second place with a valuation of $3.007 trillion as of the time of this article’s publication. In the same time frame, Nvidia remains in third place at a valuation of $2.973.
These numbers represent new all-time highs for both Nvidia and Apple as well as the NASDAQ and S&P 500 with further movement expected in the coming days.
Microsoft has maintained its lead and currently remains the most valuable company of all time by market capitalization. However, a shifting global technology landscape combined with impending product launches, partnerships and potential regulatory action could cause shake-ups throughout the leaderboards.
Apple and OpenAI
Apple’s Worldwide Developer’s Conference is slated to occur on Monday, June 10. Analysts are expecting a slew of artificial intelligence (AI) announcements from the Cupertino company, including a partnership with ChatGPT maker OpenAI.
Related: Apple finalizing deal with OpenAI for ChatGPT iPhone integration
According to numerous reports, Apple executives feel the company has fallen behind Microsoft, which so far has invested north of $13 billion in OpenAI. Rumors persist that Apple is scrambling to form partnerships with OpenAI and other related companies as well as to onboard AI techs that previously worked for rival companies such as Google.
Nvidia and everyone
Ultimately, Nividia could stand to reap the greatest benefits from surging AI stocks in the 2024 market. Its graphical processing unit (GPU) chips have shown steadily increasing demand as the go-to hardware platform for developing AI.
Not only do Microsoft and Google use Nvidia chips but so do other industry leaders, such as OpenAI, Amazon and Elon Musk’s xAI.
