NVIDIA briefly surpassed Apple as the world’s most valuable company.
However, by the end of the trading day, Apple reclaimed its position as the most valuable company.
NVIDIA once again surpassed Apple as the world’s most valuable company for most of the trading day on Monday on the Nasdaq, with the chipmaker’s market capitalization surpassing Apple’s by approximately $30 billion.
NVIDIA’s market cap climbed to $3.38 trillion, with each of its roughly 24.5 billion shares valued at $137.96, reflecting a 1.9% increase. In comparison, Apple’s 15.2 billion shares fell by 0.40% to $221.98 each, lowering the iPhone maker’s market cap to about $3.35 trillion.
However, by the end of the trading day, Apple reclaimed its position as the most valuable company, closing with a market value of $3.35 trillion, compared to NVIDIA’s $3.33 trillion.
The AI-focused chip manufacturer has received a boost since S&P Dow Jones Indices announced last week that it would replace Intel in the 30-stock Dow Jones Industrial Average, citing NVIDIA as providing “more representative exposure to the semiconductor sector.”
NVIDIA’s inclusion in the Dow is somewhat ironic. Intel’s struggles partly stem from its Xeon Phi co-processors, which were among the first to suffer due to its 7 nm process issues. These co-processors once competed with NVIDIA’s graphics processing units in machine learning, but Intel’s exit left NVIDIA as the primary provider of accelerators in the AI supercomputing market.
In other notable news, U.S. Treasury yields fell on Monday as traders adjusted their positions ahead of Tuesday’s presidential election, partly in response to a new poll showing Democratic candidate Kamala Harris with a surprising lead over Republican Donald Trump in Iowa.
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