The tug-of-war for the crown of the largest company in the world in terms of market capitalisation is now strictly fought between American tech companies. These tech behemoths have dominated this spectrum for a long time now.
Apple Overtakes Nvidia
In a recent development from around that corner, Nvidia, a company that in many ways is at the centre of the AI revolution or at least the company that appears to have benefitted the most from this surge in the prospects of AI has lost the throne of the largest company in the world.
the Jensen Huang-led company scaled back to the pole position after doing for the first time in its history, earlier this year.
This came to pass barely a few days after the Jensen Huang-led company scaled back to the pole position after doing for the first time in its history, earlier this year.
In fact, it was this year, that the company crossed the landmark or milestone mark of USD 3 trillion.
However, the euphoria does not appear to have lasted long, as the Tim Cook-led company has once again, regained the top spot, it has reigned for some time now.
The Apple market cap surged 0.86 per cent to climb to USD 3.54 trillion. Nvidia, meanwhile stood second at USD 3.44 trillion, having lost 0.72 per cent of it value.
Satya Nadela-led Microsoft stood third in the ‘3 Trilion Club’, with a market cap of USD 3.17 trillion. In addition, Elon Musk’s Tesla lost 2.48 per cent of its MC to drop to USD 842.67 billion.
Performance At Wall Street
On the first day of the day’s trade on Monday, October 29, the shares of Nvidia closed in red, dropping to USD 140.52.
This came to pass after shares dropped in value by 0.72 per cent or USD 1.02.
At the same time, the shares of the iPhone maker closed in green on Monday.
Apple shares gained by 0.86 per cent or USD 1.99. This took the overall value of the company shares to USD 233.40 per piece.
