Nvidia close to overtaking Apple as world's second-most valuable company

HIGH flying AI technology firm Nvidia is closing in rapidly to overtake Apple as the world's second-most valuable company.

The stock of Nvidia has almost tripled in 12 months to be valued around $2.68 trillion with almost every major artificial intelligence platform demanding its chips.

Apple, creator of the iPhone, had held the number one spot for several years but was itself overtaken by Microsoft at the start of the year.

Hard competition from Chinese manufacturers and a fall in demand for iPhones has seen Apple's Wall Street value fall to $2.92 trillion.

"It is certainly notable because Apple has been so dominant for so long, especially on the growth and innovation front," noted Zacks Investment Management portfolio manager Brian Mulberry.

"Recently though, Apple's innovation curve seems to have flattened, showing slower future growth. On the other hand, Nvidia has been able to catch wave upon wave of growth.

"Beginning with gaming demand, then crypto and now AI, they have been able to perfectly match innovation with demand and that equals explosive growth."

Earlier this year, Nvidia became the fastest company to expand from $1 trillion to $2 trillion as demand rapidly outstripped supply.