Nvidia stormed the market in 2024, placing it alongside names such as Apple, according to likelihood as an eventual usurper of the world’s most valuable company title. The semiconductor giant’s stock recently closed at a record $138.07, pushing its market capitalization to $3.39 trillion. That puts it closer to Apple’s $3.52 trillion and closer than Microsoft on $3.12 trillion.
Nvidia’s explosive rise is nothing if not supported by the artificial-intelligence boom, where its GPUs that enable AI are in increasingly high demand among the largest players in tech, including Alphabet, Microsoft, and Amazon.
The struggle to come out on top of AI technology, dubbed by some observers as akin to the “Prisoner’s Dilemma,” has consequently consumed more than its fair share of venture-capital funding as companies battled not to be left behind in this boom. Though production of its new Blackwell chips has been pushed back, this has buoyed investor confidence in the stock of Nvidia.
Analysts are also optimistic about the stock. TD Cowen made its $165 price target stick while rechristening Nvidia a “Top Pick” for artificial intelligence investment. If this plays out, before long, Nvidia will take the top seat from Apple-a significant role reversal in the pecking order of the tech industry.
