Apple Inches Towards Historic $4 Trillion Valuation
On the brink of making history, Apple’s market valuation soared to an unprecedented $3.85 trillion by December 23, 2024. This places the tech behemoth tantalizingly close to becoming the first company ever to reach a $4 trillion valuation.
The extraordinary growth has been spurred by investor optimism. This is largely due to Apple’s significant investments in artificial intelligence and the highly anticipated iPhone “supercycle.” This milestone is a testament to the transformative power of AI-driven valuations in the technology sector throughout 2024.
Earlier in the year, Nvidia briefly overtook Apple as the world’s most valuable company in November, reaching a valuation of $3.65 trillion. This was primarily driven by the skyrocketing demand for its AI chips, which are crucial for running generative AI models. Despite this, Apple has since reclaimed its position as the market capitalization leader.
The semiconductor industry also witnessed unprecedented growth in 2024. Global chip sales rose by 19.1% to a record-breaking $627.6 billion, surpassing the $600 billion mark for the first time. The phenomenal performance can be attributed mainly to the demand for AI processors and memory chips.
Source: https://techstartups.com/2024/12/30/top-tech-news-stories-of-2024/