Nvidia set to overtake Apple
Nvidia could soon surpass Apple to become the world’s second-most valuable company, as the biggest beneficiary of the surge in adoption of AI applications takes on the iPhone maker that has been the largest Wall Street firm by market value for years. The reliance of virtually all artificial intelligence applications such as OpenAI’s ChatGPT on Nvidia’s high-end chips has helped the stock nearly triple in value over the past year to $2.68 trillion. In contrast, Apple ceded its No. 1 spot to Microsoft earlier this year as the once high-flying company grapples with weak demand for its iPhones and tough competition in China. It was last valued at $2.92 trillion. “It is certainly notable because Apple has been so dominant for so long, especially on the growth and innovation front. Recently though, Apple’s innovation curve seems to have flattened, showing slower future growth,” said Brian Mulberry, client portfolio manager at Zacks Investment Management. “On the other hand, Nvidia has b