Apple has once again overtaken Nvidia to become the world’s most valuable company. In June 2024, Nvidia had achieved the distinction of being the second most valuable company in the world, leaving behind Apple. Due to AI boom, the chipmaker company had overshadowed Apple. Nvidia had achieved the title of being the world’s most valuable company last year.
world’s most valuable company
On Friday, July 17, Apple’s market capital reached $ 4.88 trillion. At the same time, Nvidia’s market capital has decreased to $ 4.86 trillion. A decline of 3.5% was recorded in the company’s shares. This change in the market capital of the chipmaker company is pointing towards a big global technology shift. Since June last year, Nvidia had remained the most valuable company in the world. However, there is not much difference in the market capital of Apple and Nvidia. This may change at any moment, but at the moment Apple has achieved the distinction of being the most valuable company in the world.
How did Apple change the game?
Despite the AI boom, Apple has snatched the title of most valuable company from Nvidia. The main reason for this is that investors have expressed confidence in Apple. Due to AI boom, huge value is expected to be created in the coming future. Nvidia has been a direct beneficiary of the AI boom over the past year. Especially Nvidia has a big contribution in creating AI infrastructure around the world.
Initially, Apple seemed to be lagging behind in the AI market. The Cupertino based tech company did not focus on the development of any AI model. However, now a period of change has begun. Apple has focused on serving the AI ecosystem. Last year, Apple’s shares came under a lot of pressure due to concerns about tariffs and inflation. However, there was no decline in the company’s business.
iPhone sales improve
iPhone sales are continuously improving globally. Because of this, Apple’s shares have seen an increase of about 20 percent since the beginning of this year. Due to increase in component and memory cost of smartphones, companies making Android smartphones were forced to increase the prices. Due to this, Apple’s iPhone sales have seen an increase of 24% year-on-year.
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