Nvidia briefly surpassed Apple as the world’s most valuable company with a market value reaching $3.53 trillion, driven by soaring demand for its AI chips.

Nvidia’s stock is up nearly 190% this year, fueled by the rapid adoption of AI technologies.

While it ended the day at $3.47 trillion, just below Apple’s $3.52 trillion, the surge reflects strong AI-driven growth, bolstered further by OpenAI’s recent funding and increased data center demand.

Nvidia’s success has significantly influenced the tech sector, contributing to record highs in the S&P 500, Reuters has reported.

Meanwhile, Apple faces slowing iPhone demand, particularly in China.

Written by B.C. Begley