AssetID: 53827447
Headline: UNCAPTIONED: Nvidia Rides Wave of AI Interest to Overcome Apple as the Second-Most Valuable Company
Caption: Nvidia Rides Wave of AI Interest to Overcome Apple as the Second-Most Valuable Company. 'The Independent' reports that Nvidia has overtaken Apple as the world's second-most valuable company, with an estimated value of over $3 trillion. The chipmaker has seen share values skyrocket amid speculation about artificial intelligence, which is powered by chips like those produced by Nvidia. The growing interest in AI has made Nvidia the biggest company in Silicon Valley, allowing it to unseat Apple. Meanwhile, the iPhone maker has seen its own value fall amid concerns such as dwindling sales in the Chinese market. Nvidia now has plans to split its stock ten-for-one on June 7, a decision that has the potential to attract more individual investors. "Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI." "It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail money that's piling in on what they see as a straight shot up.", Jake Dollarhide, chief executive officer at Longbow Asset Management, via 'The Guardian'. So far in 2024, Nvidia has seen its stock surge 147%, rallying nearly 30% since May alone when the company released its latest revenue forecast. On June 5, the chipmaker added almost $150 billion in market capitalization, which is more than AT&T's total value. The same interest in AI also drove a general rally for AI chip stocks, with PHLX chip index rising 4.5% and Super Micro Computer climbing 4%. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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