Nvidia Passes Apple As World’s Largest Company: Bloomberg

Nvidia Corp. is now the largest company in the world, surpassing Apple Inc. and underscoring just how dominant artificial intelligence (AI) has become on Wall Street, Ryan Vlastelica reported for Bloomberg News.

Nvidia's market capitalization hit $3.43 trillion. I Photo: NVIDIA Asia Pacific

Shares rose 2.9% to $139.93, resulting in a market capitalization of $3.43 trillion, ahead of Apple at $3.38 trillion. Microsoft Corp., which Nvidia passed last month, has a market cap of $3.06 trillion.

Nvidia has soared more than 850% since the end of 2022.

“Over the past several quarters, it has felt like people basically care about inflation numbers, job numbers, and Nvidia numbers,” said Fall Ainina, director of research at James Investment Research.

The chipmaker accounts for 7% of the weight of the S&P 500 Index and is responsible for about a quarter of the benchmark’s 21% gain this year. Nvidia previously closed with the title of largest company in June, although it only held the record for a day.

The biggest companies on Wall Street are all heavily exposed to AI: Apple with its newly launched AI iPhones; Microsoft, Amazon.com Inc., and Alphabet Inc. with their cloud businesses and AI services; and Meta Platforms Inc.’s AI features and ad targeting.

With the exception of Apple, these companies are all among Nvidia’s largest customers, and they have stressed their commitment to continuing to invest in AI.