Jensen Huang, Nvidia’s founder, president and CEO, speaks about the future of artificial intelligence and its effect on energy consumption and production at the Bipartisan Policy Center in Washington, D.C., on Sept. 27, 2024.
Chip Somodevilla | Getty Images
Nvidia passed Apple in market value on Tuesday, once again becoming the most valuable publicly-traded company in the world.
Shares of the chipmaker rose over 2% on Tuesday, and shares are up about 5% so far in 2025 after rising 171% in 2024 and nearly 239% in 2023, reflecting insatiable demand for the company’s artificial intelligence chips.
Meanwhile, Apple shares slid 3% on Tuesday. They’re now down 11% this year after gaining 30% in 2024. The iPhone maker has developed its Apple Intelligence suite of AI features for its phones and laptops, but its business doesn’t have the same level of exposure to the AI boom.
Nvidia has the vast majority of market share for graphics processing units, or GPUs, which have become essential for developing and deploying AI software such as OpenAI’s ChatGPT. While revenue growth has slowed, it still nearly doubled to $35.08 billion in the most recent quarter.
Apple was the first company to reach the $1 trillion, $2 trillion and $3 trillion market cap milestones. Nvidia previously passed Apple in June and then again in November.
At Tuesday’s close, Nvidia had a market cap of about $3.45 trillion, versus Apple at $3.35 trillion.Microsoft is just behind them at $3.2 trillion. A major buyer of Nvidia’s GPUs, Microsoft said earlier this month that it expected to spend $80 billion on AI data centers in fiscal 2025.
In November, Nvidia joined the Dow Industrial Average, replacing Intel, and joining Apple and Microsoft in the blue-chip index.
WATCH: Nvidia’s outperformance will continue and growth rates will remain higher
