Nvidia passes Apple as world's most valuable company

Nvidia passed Apple in market cap on Friday to become the most-valuable publicly traded company in the world.

The stock price has nearly tripled so far in 2024 as demand continues to swell for the company's graphics processing units.Nvidia rose nearly 3% to close with a market cap of $3.43 trillion, ahead of Apple at $3.4 trillion. Nvidia shares have almost tripled in 2024, as investors show continued confidence in the company's ability to maintain a rapid growth rate from its graphics processing units and a leadership position in the artificial intelligence market.

Founded in 1991 to produce chips for playing 3D games, Nvidia has taken off in recent years for a very different reason. In the past decade, scientists and researchers discovered that the same Nvidia chip designs that could render polygons and computer graphics were ideal for the kind of parallel processing needed for AI. Nvidia then developed software and more powerful chips specifically for AI.

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