Apple briefly achieved a $5 trillion market capitalization earlier today. A market cap is the total value of all of the company’s outstanding shares combined.
The news came after Apple’s stock price passed the $340 mark during intraday trading, moving the market cap north of $5 trillion for the first time ever. It didn’t stay that way, though, with the stock price fluctuating as is the norm.
The move also now means that Apple is once again the world’s most valuable publicly traded company. Nvidia was the previous holder of that title, and it’s likely the two companies will continue to battle it out for some years to come.
Nvidia was previously a company that made gaming graphics cards, but has since turned its attention to building AI compute for data centers and servers.
The company’s presence in the gaming world has waned as a result, likely due to the sheer amount of money being thrown at AI companies currently.
It’s unclear whether Nvidia will be well placed to weather any potential AI bubble bursting, but it’s unlikely it will remain in competition with Apple for the title of most valuable publicly traded company if (or when) that bubble bursts.
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