WASHINGTON, DC - SEPTEMBER 27: NVIDIA founder, President and CEO Jensen Huang speaks about the ... [ ] future of artificial intelligence and its effect on energy consumption and production at the Bipartisan Policy Center on September 27, 2024 in Washington, DC. Huang said that machine learning uses a large amount of energy but that artificial intelligence will save energy in the long run due to it's efficient computing abilities. Founded in California in 1993, NVIDIA is the world's most valuable publicly traded company, with a market capitalization of over $3.3 trillion. (Photo by Chip Somodevilla/Getty Images)

Nvidia could soon pass Apple as the world’s most valuable company. While Nvidia — which grew 122% in the second quarter — has been the leading economic beneficiary of demand for generative AI since 2023, Apple — whose top line increased 4.9% in Q2 — still scrambles for AI relevance.

It may not be long before Nvidia’s superior innovation skills — which I described in my book, Brain Rush — could help propel the AI chip designer’s stock market capitalization ahead of Apple’s market cap.

Nvidia appears poised to surpass Apple’s market cap as soon as next month. How so? Were Nvidia and Apple shares to keep rising at their respective 187% and 25% rates so far this year, the AI chip designer’s stock market capitalization would surpass Apple’s current $3.52 trillion next month — reaching $3.92 trillion, according to my estimates.

Nvidia stock could keep rising. Were the stock to sustain its 187% growth for the next year (to Apple’s 25%), I estimate the AI chip designer could be worth $9.7 trillion by next October — more than twice Apple’s $4.4 trillion.

Here are the forces that could propel Nvidia’s rise:

To be sure, Nvidia does face headwinds. Its revenue growth rate — while high — is decelerating from 122% in Q2 to 8o% this quarter, according to my September........

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