Nvidia briefly surpassed Apple as the world’s second-most valuable company
American chipmaker Nvidia briefly overtook Apple in market capitalization on June 5 before moving into third place.
The move comes as Nvidia's capitalization has grown to more than $3.01 trillion, drawing in Microsoft's first-place $3.1 trillion in capital.
At the time of this writing, Apple regained its position when US markets opened on June 6, climbing to second place with an estimated $3.007 trillion. In the same timeframe, Nvidia is in third place with a price of $2.973.
These numbers represent new all-time highs for both Nvidia and Apple, as well as the NASDAQ and S&P 500, and further movement is expected in the coming days.
Microsoft has maintained its lead and is currently the most valuable company by market capitalization of all time. However, the changing global technology landscape combined with upcoming product launches, partnerships and regulatory action will cause a shake-up in the leaderboards.
Apple and open AI
Apple's Worldwide Developer Conference is scheduled to take place on Monday, June 10. Analysts are expecting more artificial intelligence (AI) announcements from the Cupertino company, including a partnership with ChatGPT maker OpenAI.
Related: Apple Finalizes Deal with OpenAI for ChatGPT iPhone Integration
According to multiple reports, Apple executives feel the company has fallen behind Microsoft, which has invested north of $13 billion in OpenAI so far. Rumors persist that Apple is in talks with OpenAI and other related companies, as well as developing AI techniques that previously worked for rival companies like Google.
Nvidia and everyone else
Finally, Nvidia can reap significant benefits from growing AI stocks in the 2024 market. Its graphics processing unit (GPU) chips have shown increasing interest as the go-to hardware platform for developing AI.
Microsoft and Google use not only Nvidia chips, but also industry leaders like OpenAI, Amazon and Elon Musk's xAI.
