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Nvidia has claimed the title of the world's most valuable company, surpassing Microsoft and Apple, driven by the soaring demand for its AI processors.
Nvidia's Meteoric Rise in Market Value
According to Reuters, in a race to become the dominant player in artificial intelligence, Nvidia's high-end processors propelled the business to the position of most valuable in the world on Tuesday, surpassing even computer giant Microsoft.
As a symbol of the AI optimism that has swept Wall Street in recent months, Nvidia's meteoric rise in market value over the last year has been nothing short of spectacular.
Concerns Over AI Market Sustainability
Despite the fact that the S&P 500 and Nasdaq have reached all-time highs thanks to Nvidia's surge, there are investors who are concerned that the unfettered euphoria surrounding artificial intelligence might quickly fade if there are indications of money being pulled back from the technology.
"It's Nvidia's market; we're all just trading in it," remarked Steve Sosnick, chief market strategist at Interactive Brokers.
Nvidia Leads in Daily Turnover
Additionally, according to LSEG data, Nvidia has surpassed Apple, Microsoft, and Tesla in terms of daily turnover, with an average of $50 billion, making it the most traded business on Wall Street. Approximately 16% of all trades in S&P 500 companies are now attributed to the chipmaker.
The chipmaker's market valuation increased to $3.335 trillion as shares rose 3.5% to $135.58 after days of surpassing Apple to become the second most valuable corporation.
Microsoft and Apple Lag Behind Nvidia
Microsoft's stock market value was $3.317 trillion after a 0.45% decline in share price. The value of Apple's stock dropped to $3.286 trillion, down more than 1%.
Demand for Nvidia's premium chips has surpassed supply, causing the stock price to nearly triple compared to Microsoft's 19% increase.
"Nvidia has been getting a lot of positive attention and has been doing a lot of things very correctly, but a small misstep is likely to cause a major correction in the stock, and investors should be careful," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
Impact of Nvidia's Stock Surge on Market
Per AOL, the surge on Tuesday sent Nvidia's stock soaring to new heights, boosting the company's market cap by more than $110 billion—the same amount as Lockheed Martin's.
It took little more than three months for the company's market worth to reach $3 trillion in June, after having grown from $1 trillion to $2 trillion in only nine months in February.
In May, officials from Nvidia indicated that their Blackwell artificial intelligence processors would be in high demand "well into next year."
