Nvidia stock jumped as much as 3% on Friday to an intra-day high of $144.13, catapulting its market valuation to $3.53 trillion. In contrast, Apple tr

Nvidia dethrones Apple as the world's most valuable company

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2024-10-26 04:00:03

Nvidia stock jumped as much as 3% on Friday to an intra-day high of $144.13, catapulting its market valuation to $3.53 trillion. In contrast, Apple traded up less than 1%, giving it a market valuation of $3.52 trillion.

Nvidia stock has since pared its gains to about 1% and is trading neck-and-neck with Apple's valuation, at $3.52 trillion compared to Apple's $3.53 trillion at 1:24 p.m., according to data from YCharts.

The massive size of Nvidia is a testament to its quick ascent since OpenAI released its first version of ChatGPT in November 2022.

Since then, shares of Nvidia, which supplies the technology world with AI-enabling GPU chips, have added $3.1 trillion to their market valuation, with their stock price soaring more than 740%.

Bank of America analysts raised their Nvidia price target to $190 last week, citing strong upside and a "generational opportunity" as it grows its lead in the AI space.

Meanwhile, CFRA Research analyst Angelo Zino bumped his price target to $160 as an "AI war" takes place among the major cloud companies.