Nvidia, a developer of computer chips, lost its position atop the market on Thursday after its shares fell 3.5% in the US, valuing the business at $3.2 trillion (£2.5 trillion).
Even though Microsoft’s stock declined somewhat, it still closed the day’s trading at a value of $3.3 trillion (£2.6 trillion).
According to analysts, Nvidia, Microsoft, and Apple are currently engaged in a three-way competition for the top rank. They are also fighting to become the first $4 trillion (£3.2 trillion) company in history.
Nvidia’s fortunes have risen quickly in recent months, mostly because of its early investment in the creation of artificial intelligence (AI) devices.
After a 1,000% increase in share price since October 2022, it reached the top of the stock market on Tuesday, valued at over $3.3 trillion (£2.6 trillion).
Though some analysts think the company’s future is bright, others have questioned if it has been overvalued.
One important thing to keep an eye on is whether Nvidia can continue to lead the AI space or if competitors will chip away at its market share as they make significant investments in the space to try and catch up.
