Nvidia Blows Past Apple To Become World's Most Valuable Company

Erica Kollmann

November 05, 2024

NVIDIA Corp. (NASDAQ:NVDA) passed Apple, Inc. (NASDAQ:AAPL) to become the world's largest publicly traded company on Tuesday.

The Details: Nvidia ended Tuesday's trading session with a market capitalization of $3.43 trillion, slightly edging out Apple’s $3.38 trillion valuation, according to data from Benzinga Pro. The semiconductor giant's dominance in the artificial intelligence chip market has fueled its exponential growth of more than 200% over the past year.

Read More: Nvidia Joining Dow Jones Industrial Average: Where Tech Giant Ranks In The Index, Why Sherwin-Williams Addition Could Be More Important

Nvidia briefly passed Apple in market cap in June before sliding over the summer. Nvidia’s ascent to the top highlights the growing importance of AI technology and the pivotal role that Nvidia's specialized hardware plays in its development.

Despite Nvidia's remarkable growth over the past year, analysts remain bullish on the company's growth ahead. The three most recent analyst ratings were released by BofA Securities, Goldman Sachs and Morgan Stanley in October with an average price target of $163.33 between the three. There’s an implied 17.04% upside for Nvidia stock from these analyst ratings.

Last Friday, S&P Dow Jones announced that Nvidia is joining the Dow Jones Industrial Average on Nov. 8 replacing Intel Corp. (NASDAQ:INTC) and joining Apple in the blue-chip index.

NVDA Price Action: According to data from Benzinga Pro, Nvidia shares ended Tuesday's session 2.84% higher at $139.91.

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Image: Shutterstock

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