Nvidia Passes Apple to Become the World's Most Valuable Company - Powered by Demand for AI Chips (nbcnews.com)
(Sunday October 27, 2024 @12:34AM (EditorDavid)
from the in-the-chips dept.)
- Reference: 0175329797
- News link: https://hardware.slashdot.org/story/24/10/27/0225224/nvidia-passes-apple-to-become-the-worlds-most-valuable-company---powered-by-demand-for-ai-chips
- Source link: https://www.nbcnews.com/business/business-news/nvidia-overtakes-apple-worlds-valuable-company-rcna177431
"Nvidia dethroned Apple as the world's most valuable company on Friday..." [1]reports Reuters , "powered by insatiable demand for its specialized artificial intelligence chips."
> Nvidia's stock market value briefly touched $3.53 trillion, slightly above Apple's $3.52 trillion, LSEG data showed... In June, Nvidia [2]briefly became the world's most valuable company before it was overtaken by Microsoft and Apple. The tech trio's market capitalizations have been neck-and-neck for several months. [Friday] Microsoft's market value stood at $3.18 trillion, with its stock up 0.8%...
>
> Nvidia's shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world's largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.
The article points out that by the end of the day Friday, Nvidia's valuation had dropped to $3.47 trillion, while Apple had risen to $3.52 trillion...
[1] https://slashdot.org/story/24/10/24/1143253/intel-weighed-20-billion-nvidia-takeover-in-2005
[2] https://www.reuters.com/markets/us/nvidia-becomes-worlds-most-valuable-company-2024-06-18/
> Nvidia's stock market value briefly touched $3.53 trillion, slightly above Apple's $3.52 trillion, LSEG data showed... In June, Nvidia [2]briefly became the world's most valuable company before it was overtaken by Microsoft and Apple. The tech trio's market capitalizations have been neck-and-neck for several months. [Friday] Microsoft's market value stood at $3.18 trillion, with its stock up 0.8%...
>
> Nvidia's shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world's largest contract chipmaker, posted a forecast-beating 54% jump in quarterly profit driven by soaring demand for chips used in AI.
The article points out that by the end of the day Friday, Nvidia's valuation had dropped to $3.47 trillion, while Apple had risen to $3.52 trillion...
[1] https://slashdot.org/story/24/10/24/1143253/intel-weighed-20-billion-nvidia-takeover-in-2005
[2] https://www.reuters.com/markets/us/nvidia-becomes-worlds-most-valuable-company-2024-06-18/
Let's be clear here (Score:2)
The reason for the insane value is because everyone is expecting those chips to start replacing workers, particularly those in the 12 to $24 an hour range.
It's similar to when PCs started replacing Junior accountants only on a much much larger scale and without new forms of work to replace and absorb the job losses.
Hell sometime in the next 5 to 10 years we are going to have to figure out what to do with 7 million taxi and Uber drivers. Those waymos are all over Phoenix and San Francisco and they wo