Nvidia, Microsoft, and Apple have been vying closely for the leading position since June, with their market values in tight competition.
On Thursday, Nvidia experienced a nearly 3.4% drop in its shares, relinquishing its position as the world’s most valuable company back to Microsoft. Despite surpassing Microsoft’s market capitalization earlier in the week, Nvidia’s market value was projected to decrease by around $91 billion, settling at $3.34 trillion with shares at $131.88.
Microsoft’s market value also dipped to $3.30 trillion as its shares saw a 0.4% decrease to $444.8 in afternoon trading. In comparison, Apple stands in third place in the race to become the most valuable company with a market capitalization of $3.22 trillion, as its shares fell by 2.2% to $210.10 in the afternoon.
On June 12, Apple briefly overtook Microsoft to claim the title of the world’s most valuable company, following its announcement of a foray into artificial intelligence during its developers conference keynote. At that time, Apple boasted a market capitalization of $3.3 trillion.
As Jake Dollarhide, CEO of Longbow Asset Management, highlighted, Nvidia’s significant profits in AI – unlike Microsoft, which both invests in and profits from AI – have contributed to its market significance.
Nvidia’s stock has nearly tripled in value this year, boosting gains in the broader market, with the Philadelphia SE Semiconductor Index also surged by almost 34% since its recent low in April, reaching a record high on Tuesday.
