Nvidia's market cap soared to $3.53 trillion, briefly surpassing Apple’s $3.52 trillion, showcasing its strong demand for AI silicon amid rising competition and market dynamics.
Once a gaming graphics chip supplier, Nvidia now dominates AI chipmaking, powering substantial AI models for industry giants like Microsoft, Google, and Meta, with minimal competition.
Nvidia's stock has surged 190% this year, attributed to exceptional earnings and increased AI chip demand, with CEO Jensen Huang positioned among the world's wealthiest.
In contrast, Apple is struggling with smartphone demand, evidenced by a 0.3% dip in flagship iPhone sales in China, as rival companies make strides.
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