Nvidia overtakes Apple as world's most valuable company

Nvidia dethroned Apple as the world's most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips, reports Reuters.

Nvidia's stock market value briefly touched $3.53 trillion, slightly above Apple's $3.52 trillion, LSEG data showed.

Nvidia ended the day up 0.8 per cent, with a market value of $3.47 trillion, while Apple's shares rose 0.4 per cent, valuing the iPhone maker at $3.52 trillion.

Nvidia, Apple and Microsoft are among the tech heavyweights that have helped push Wall Street to record highs this year, with their market capitalization neck-and-neck this year.

In June, Nvidia briefly became the world's most valuable company before it was overtaken by Microsoft and Apple. The tech trio's market capitalizations have been neck-and-neck for several months.

Microsoft's market value stood at $3.18 trillion, with its stock up 0.8 per cent.

The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet, Meta Platforms and other heavyweights to dominate the emerging technology.