“Over the next 12 months, the race to reach $4 trillion in tech market cap will likely be between Nvidia, Apple and Microsoft,” said Daniel Ives, an analyst at Wedbush Securities.
He added that Nvidia’s chips should be seen as “the new gold or oil” as companies adopt AI.
Nvidia, Microsoft and Apple have been vying for the title of world’s most valuable company for weeks.
Apple rolled out an artificial intelligence (AI)-powered update to its iPhone software, temporarily overtaking Microsoft for the title.
Meanwhile, Microsoft is gaining further momentum by investing in OpenAI, the developer of ChatGPI, and building AI capabilities into Windows.
Nvidia executives have profited from the company’s soaring stock price. Bloomberg reported that they have sold about 770,000 shares this year, totaling more than $700 million. Last week, Nvidia CEO Jensen Huang sold $31 million worth of stock, according to regulatory filings.
Nvidia declined to comment on the share sale.