Tech stocks Nvidia and Apple have sent the Nasdaq to new heights this year. But some believe the optimism is overdone and a comedown is coming. Video / Cameron Pitney / Getty
Shares in the AI juggernaut rose 2.9% to US$139.93, swelling its market capitalisation to US$3.43 trillion ($5.74t), ahead of Apple at US$3.38t.
Nvidiapreviously became the largest traded company in June, although it only held the record for a day.
It is currently worth more than Amazon and Meta combined.
The world’s biggest tech companies have invested tens of billions of dollars into Nvidia’s powerful AI technology, which is the central component for training powerful generative AI systems such as OpenAI’s ChatGPT or Google’s Gemini.
Nvidia on Friday will join the Dow Jones Industrial Average, underscoring the stratospheric rise of a company whose share price has skyrocketed more than 850% since the end of 2022, when the release of ChatGPT sparked an AI frenzy.
