Nvidia displaces Microsoft, Apple as world’s most valuable company

, as it its high-end processors play a central role in a race to dominate a surge in artificial intelligence technology.

Microsoft’s stock market value was $3.325 trillion as its shares dipped 0.2 per cent. Apple’s stock slipped 1.3 per cent, putting its value at $3.278 trillion. Tech giants Microsoft, Meta Platforms and Google-owner Alphabet are competing to build out their AI computing capabilities and dominate the emerging technology.

Nvidia commands more than 80 per cent of the market share for AI chips, making it a major winner from surging AI development. Since its blowout forecast about a year ago, the company has consistently breezed past Wall Street’s lofty expectations for revenue and profit, with demand for its graphics processors far outstripping supply as companies rush to embed AI applications.

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