Nvidia Surges Past Apple as World's Largest Company
Nvidia has surpassed Apple to become the world's largest company by market cap, with a valuation of approximately $5.4 trillion. Apple is second-largest at just under $5 trillion.
This size difference may not seem large, but it is equivalent to adding another Mastercard, valued at around $500 billion, to Apple's business.
Nvidia's rapid growth and supply/demand situation for its semiconductor GPUs are driving its success. The company projects a 70% revenue growth forecast for next year due to the artificial intelligence (AI) build-out.
Apple's revenue grew at a 16% year-over-year pace in its most recent quarter, while Nvidia's revenue grew at an astonishing 106% year-over-year pace to $96.2 billion in fiscal Q2. This makes it nearly impossible for Apple to catch up with Nvidia's growth rate.