On June 5, U.S. chip maker Nvidia briefly overtook Apple to become the world’s second-largest company by stock market value, before falling back to third place.
The move came as Nvidia’s cap increased to more than $3.01 trillion, putting it within a stone’s throw of Microsoft’s top spot at $3.1 trillion.
Not to be outdone, Apple regained its position when the US markets opened on June 6, moving up to second place with a value of $3.007 billion at the time of this article’s publication. In the same time frame, Nvidia remains in third place with a valuation of $2,973.
These numbers represent all-time highs for Nvidia and Apple as well as the NASDAQ and S&P 500, with more moves expected in the coming days.
Microsoft has retained its leadership and currently remains the most valuable company of all time in terms of market capitalization. However, the changing global technology landscape, combined with imminent product launches, partnerships and possible regulatory actions, could cause jolts in the rankings.
Apple and OpenAI
Apple’s Worldwide Developers Conference (WWDC) is scheduled for Monday, June 10. Analysts expect many AI announcements from the Cupertino company, including a partnership with OpenAI, the maker of ChatGPT.
about: Apple finalizes agreement with OpenAI for ChatGPT integration on iPhone
According to multiple reports, Apple executives believe the company has fallen behind Microsoft, which has so far invested as much as $13 billion in OpenAI. Rumors persist that Apple is actively seeking to form partnerships with OpenAI and other related companies, as well as bringing in AI technologies that previously worked for rival companies like Google.
Nvidia and everyone
Ultimately, Nividia could reap the biggest benefits from rising AI stocks in the 2024 market. Its graphics processing unit (GPU) chips have shown growing demand as a platform hardware of choice for AI development.
Not only Microsoft and Google use Nvidia chips, but also other industry leaders like OpenAI, Amazon, and Elon Musk’s group of AI companies, including Tesla and xAI.
