Nvidia dethroned Apple as the world's most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips.Nvidia's stock market value briefly touched $3.53 trillion, slightly above Apple's $3.52 trillion, LSEG data showed.Nvidia was last up 2.2%, with a market value of $3.52 trillion, while Apple's shares rose 0.9%, valuing the iPhone maker at $3.54 trillion.
"Nvidia's shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world's largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.Meanwhile, Apple is struggling with tepid demand for its smartphones. iPhone sales in China slipped 0.3% in the third quarter, while sales of phones made by rival Huawei surged 42%.
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