Continuing what has been a dominant year for the AI chipmaker’s stock price, Nvidia (NVDA) could be poised to overtake Apple (APPL) as the most valuable company in the world this week. Indeed, the meteoric rise continues as the company has been the S&P 500’s second best-performing stock this year to date, behind only Vistra.
Apple currently sits as the most valuable with a market cap of $3.429 trillion. However, Nvidia is right on its heels. Depending on how the next two days shape out for the tech firms, there could be a new leader by the end of the week. Moreover, it could continue to fuel the impressive NVDA stock performance in 2024.
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The last two years have seen the AI-related tech sector surge in value. With the arrival of OpenAI and ChatGPT, perhaps no company has benefitted more than Nvidia. The chipmaker has found itself a the center of the burgeoning sector, and it could ride the popularity wave atop the market cap charts.
With its recent surge having the stock headed toward an all-time high, Nvidia may be set to overtake Apple (APPL) as the world’s most valuable company. Indeed, the firm is looking to leverage its 240% increase throughout 2023 to surge atop the market cap charts. Just this week, they officially overtook Microsoft to take the sole position of second place.
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Tuesday trading showed the hype train was finding no reason to slow down. The AI stock ended the day up more than 4%, and trading at $132.89. That performance is a far cry from the 2022 drop that saw the asset fall more than 50%. Now, there is little distance between them and the iPhone developer.
Nvidia currently has a market cap of $3.30 trillion and is closing in on the top position. The tech firm currently has almost 25 billion in outstanding shares that are on a diluted basis. The chipmaker would need to add a mere $6.8 to the per-share market price to overtake Apple. That is not an impossibility, as Tuesday saw it add $5.17 per share.