Nvidia has once again surpassed Apple in market value, reclaiming the title of the world’s most valuable publicly traded company.
The chipmaker’s stock rose more than 2% on Tuesday, contributing to a roughly 5% gain so far in 2025. This follows a remarkable surge of 171% in 2024 and nearly 239% in 2023, fueled by relentless demand for its AI chips.
In contrast, Apple shares fell 3% on the same day and are now down 11% year-to-date, after rising 30% in 2024. While Apple has launched its suite of AI features, branded as Apple Intelligence, its business model lacks the direct exposure to the booming AI infrastructure sector that Nvidia dominates.
Nvidia holds a commanding lead in the market for graphics processing units (GPUs), which are crucial for training and running AI models, such as OpenAI’s ChatGPT. Despite signs of slowing growth, the company still nearly doubled its revenue to $35.08 billion last quarter.
Apple was the first company to reach market caps of $1 trillion, $2 trillion, and $3 trillion. Nvidia previously overtook Apple in valuation in both June and November of last year.
As of Tuesday’s market close, Nvidia’s valuation stood at approximately $3.45 trillion, edging past Apple’s $3.35 trillion.
Microsoft, another major player in AI and a key customer of Nvidia’s chips, trailed slightly at $3.2 trillion. Microsoft recently projected it will spend $80 billion on AI data centers in fiscal 2025.
Nvidia joined the Dow Jones Industrial Average in November, replacing Intel and joining both Apple and Microsoft in the prestigious index.