Apple - Chipmaker Nvidia is closing the gap on Apple's market capitalization.

With a record high reached by Nvidia's shares, the AI chipmakers' stock market valuation is just $100 billion short of surpassing Apple's. With its most recent trade of $1,128.00, Nvidia's market capitalization was $2.8 trillion, while Apple's market worth was $2.9 trillion.

Apple - The Growth Path of Nvidia

Since Nvidia revealed a stock split and exceeded Wall Street forecasts with its second-quarter revenue prediction last week, the company's shares have increased by almost 13%. After more than tripling in value the previous year, the company's shares have more than doubled so far this year.

Apple - Nvidia's AI Boom

Nvidia, one of the biggest beneficiaries of the AI boom, disclosed last week that as demand for its high-performance chips soared, sales at its data centre segment had multiplied fivefold. Alphabet, Microsoft, Amazon.com, and other corporate behemoths have been fighting for a limited supply of Nvidia's top-tier chips in their fight to dominate AI processing.

The Market Performance of Apple

Long seen as a Wall Street must-own, Apple has lagged behind other large technology firms in recent months. This year, the company has lost around 2% of its value as a result of sluggish iPhone demand and fierce competition in China.

Early this year, Microsoft surpassed Apple to become the most valuable corporation in the world. This was made possible by the company's rapid advancement in artificial intelligence across its cloud services, which gave it an advantage over other computer companies.