Nvidia briefly passes Apple as second most valuable public U.S. company

milestone on Wednesday. Nvidia had a market value of $3.007 trillion at one point, versus Apple's, which stood at $3.005 trillion.in May and have been on a tear since last year. The company has an estimated 80% market share in AI chips for data centers, on which big tech companies spend billions.

Meanwhile, Apple shares are only about 5% this year, as Apple's sales growth has stalled in recent months. In its most recent quarterly earnings report, Apple said overall sales dropped 4% and iPhone sales fell 10% from the year-ago period. Apple faces strategic questions and issues about demand in China, manufacturing, and mixed reactions to its new virtual reality headset, Vision Pro.

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