Nvidia overtakes Apple as world’s most valuable company
Nvidia Corp. on Tuesday became the largest company globally by market cap, overtaking Apple Inc. with a valuation of $3.43 trillion after a 2.9% stock increase. Apple’s valuation stood at $3.38 trillion, with Microsoft trailing at $3.06 trillion. This milestone reflects surging demand for Nvidia's advanced AI chips, which are essential for artificial intelligence applications worldwide. The company’s stock has risen over 850% since late 2022, underscoring Nvidia's central role in the AI-driven tech landscape.
The recent $6.6 billion funding round by OpenAI, the developer behind ChatGPT, has underscored Nvidia’s vital role in powering large language models like GPT-4, further boosting investor interest. The competition for top valuation has been intense among Nvidia, Apple, and Microsoft over the past several months.
Currently, Microsoft holds a market cap of $3.06 trillion. Nvidia briefly led the rankings in June before Apple and Microsoft reclaimed the top spots. Investors and analysts are closely watching Nvidia’s third-quarter earnings report in November, as the company previously forecast around $16 billion in revenue for the quarter, with analysts slightly raising those expectations.
Nvidia CEO Jensen Huang is eyeing India as a strategic growth market for artificial intelligence. While attending an AI summit in Mumbai, Huang met with Reliance Industries Chairman Mukesh Ambani to explore collaborations aimed at advancing AI in critical sectors like agriculture, education, and manufacturing. Despite India’s modest share in Nvidia’s current revenue, the nation’s expanding digital economy and youthful workforce make it a top priority for future growth.
Jensen calls on India to lead global AI revolution
At the NVIDIA AI Summit in Mumbai, Jensen Huang urged India to embrace a leadership role in the global AI revolution. Highlighting the country’s abundant tech talent and vast data resources, Huang emphasized India’s potential to become an AI powerhouse. "India should not export data to import intelligence," Huang remarked, stressing the need for a robust domestic AI infrastructure.
As part of this vision, NVIDIA plans a substantial expansion of its GPU deployments across India, aiming to create a strong foundation for an AI-driven economy.
Huang announced a major partnership with Reliance Industries to accelerate AI adoption. Reliance Chairman Mukesh Ambani detailed plans to establish "AI factories" in collaboration with NVIDIA, set to drive transformation in sectors such as energy, telecommunications, and manufacturing.
To prepare the workforce for this AI-driven future, NVIDIA is also teaming up with major IT firms — Infosys, TCS, Tech Mahindra, and Wipro — to upskill half a million developers across India.
Both Huang and Ambani expressed optimism about India’s role as a global innovation hub, pointing to the country’s dynamic tech ecosystem, young population, and data-rich environment as assets in driving AI-powered advances across healthcare, finance, public services, and beyond.
With further backing from the IndiaAI Mission, a government initiative with $1.2 billion allocated for AI advancement, Nvidia’s commitment to India underscores its belief in the country’s potential to become a global AI powerhouse.