Apple loses position as world's second most valuable company
The tech giant is now in third place after being beaten by a younger company
Apple and Microsoft have long been top competitors fighting it out for the number one spot as world’s most valuable company.
It seems though that Apple has officially lost that race after being overtaken by another company.
Nvidia is an AI microchip maker who has seen their share prices rise to be worth more than three trillion dollars.
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That’s a one trillion dollar rise just since February this year after more interest was created around their “stock split” announcement, which means there will be more shares in the company.
The decision means that more people will be able to invest and it will reduce the share value as a result.
The value of public companies is measured by the number of shares and the price of those shares.
A year ago you’d be able to buy one of the Nvidia shares for $386.54 but now one share in the company will now cost you $1,224.40 after it has seen a year of growth.
Interest in AI has grown a lot in recent months and that has seen investors flock to Nvidia to invest in AI.
Microsoft and Apple have been racing to develop AI for their products in order to keep up with the trend and, despite Nvidia being a younger company, it has been developing microchips and adding in machine-learning features since the start.
Jensen Huang is the company’s CEO and has been since it first launched in 1993 and he loves it so much that he even has the logo tattooed on him.
The company first formed with just $40,000 but is now officially a giant in the tech industry.
The incredible growth in the business is great for Nvidia but bad news for Apple who are now trailing behind in third place.
Apple is due to announce huge AI upgrades for iOS 18 next week, as it looks like the company is going all out with its digital assistant and AI functions.
Siri will also be getting a big AI upgrade, which will mean iPhone users can open apps with a single word or even get the voice assistant to book them an Uber.
Siri will reportedly have the capability to edit pictures, send them to a contact or condense notes into an email - all with a single voice prompt.
This will be one of Apple’s biggest tech upgrades in recent years and would be praised among its millions of users.