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Nvidia notches record close, could unseat Apple as most valuable company

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Shares of Nvidia closed at their highest ever on Monday (Oct 14), putting the heavyweight AI chipmaker on the brink of dethroning Apple as the world's most valuable company. With investors betting on strong demand for its current and next-generation AI processors, the Santa Clara, California company's stock climbed 2.

An Nvidia GPU is seen inside a computer server displayed at Foxconn’s annual tech day in Taipei, Taiwan Oct 8, 2024.Shares of Nvidia closed at their highest ever on Monday , putting the heavyweight AI chipmaker on the brink of dethroning Apple as the world's most valuable company.

The latest gains lifted Nvidia's market value to US$3.39 trillion, just below Apple's US$3.52 trillion value and above Microsoft's US$3.12 trillion. TD Cowen reiterated its US$165 price target for Nvidia, which it called its "Top Pick", and it said demand for the company's current generation of AI chips remained strong.

Nvidia, Apple and Microsoft account for about a fifth of the S&P 500's weight, giving them a hefty influence in the index's day-to-day gains and losses.

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