Nvidia has once again surged ahead of Apple in market cap, reclaiming its position as the world’s most valuable publicly traded company. Nvidia shares climbed nearly 3% on Tuesday, bringing its market cap to an impressive $3.43 trillion, surpassing Apple’s $3.4 trillion.

This marks the second time in 2024 that Nvidia has overtaken Apple, thanks to its dominance in the artificial intelligence (AI) and graphics processing unit (GPU) markets.

Nvidia’s success has been fueled by its leadership in supplying GPUs, which are critical for developing advanced AI models like OpenAI's ChatGPT. The company’s stock has skyrocketed by over 2,700% in the past five years, with revenue more than doubling in several consecutive quarters. Despite its success, Nvidia’s CEO, Jensen Huang, is pushing even harder to meet the growing demand for AI chips.

In a recent keynote speech at the SK AI Summit 2024 in Seoul, SK Group Chairman Chey Tae-won revealed that Huang had requested the accelerated delivery of SK hynix’s next-generation high bandwidth memory (HBM) chips, named HBM4. The chips are essential for AI accelerators, which handle energy-intensive tasks in advanced AI models.

SK hynix, a key supplier of HBM chips to Nvidia, had originally planned to release HBM4 in the second half of next year but is now working to deliver it six months earlier to meet Nvidia’s needs. This demand for AI computing power underscores the vital partnerships Nvidia has cultivated within the industry.

“When Nvidia comes up with new, more advanced GPUs, it requires more HBM chips,” Chey explained.

This trilateral partnership between Nvidia, SK hynix, and Taiwan Semiconductor Manufacturing Co. (TSMC) is crucial for the global AI chip supply chain, with SK hynix continuing to develop even more advanced HBM technology, such as the upcoming 16-layer HBM3E chips.

As Nvidia races ahead, Apple remains competitive with a 17% increase in shares this year, boosted by the launch of its Apple Intelligence suite for iPhones. However, Nvidia’s unrelenting focus on AI positions it as the leader in one of the world’s fastest-growing tech sectors.

Edited by Harshajit Sarmah

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