A foreign company is in the news for dealing with Indian companies. He has recently talked about doing business with Tata Group and Reliance Industries. This company is none other than NVIDIA, which has once again made history. Due to Friday's historic stock rise, Nvidia became the most valuable company in the world.
NVIDIA left Apple behind, touched the record market cap figure of $3.53 trillion for some time, but closed with a market cap of $3.47 trillion. Apple's valuation ended at $3.52 trillion, up 0.4% on the day, according to LSEG data.
Stocks rose a lot in October
NVIDIA's growth can largely be attributed to continued demand for its AI chips, which are essential to the growing AI sector. This achievement is a major milestone for NVIDIA, a company originally known for its gaming processors. Shares rose nearly 18% in October, boosted by OpenAI's recent $6.6 billion funding round and continued AI-driven investments.
The stock has been showing an upward trend since last year.
Last year, Nvidia's share price rose nearly 190%, thanks to continued AI momentum and Nvidia's dominant role in the market. Demand for data center chips also recovered on Friday after Western Digital reported better-than-expected quarterly earnings, boosting optimism in the artificial intelligence sector.
Falling Apple sales
Meanwhile, Apple, which tops the list of the most valuable companies, is struggling with slowing demand for its iPhone, particularly in China, where its sales in the third quarter fell 0.3%, while sales of Huawei rose an impressive 42%. With Apple's quarterly earnings report due out this Thursday, analysts expect modest revenue growth of 5.55% to $94.5 billion. In contrast, NVIDIA is expected to post revenue growth of around 82% year over year, reaching $32.9 billion.
Nvidia's success is a boost not only for the technology sector but for the entire US stock market, as the combined influence of Nvidia, Apple and Microsoft represents approximately 20% of the value of the S&P 500.
