Nvidia hits $3.17 tn, closes in on Apple’s m-cap after Saudi partnership: can it reshape tech rankings?

Optimism over a major AI and chip infrastructure deal with Saudi Arabia pushed Nvidia shares up 5.6% on Tuesday, closing at $129.93 with a market cap of $3.17 trillion—just shy of Apple's $3.18 trillion.

The stock has now gained 38% since April, outpacing Apple's 23% rise over the same period.

Speaking to TradingView News, Moomoo Australia market strategist Jessica Amir said, "At this pace, Nvidia may soon overtake Apple as the second-largest company in the world."

The rally follows confirmation from Nvidia CEO Jensen Huang at the Saudi-U.S. Investment Forum that the company will supply chips for a 500MW AI data center project in Riyadh.

This move aligns with a broader U.S. strategy to expand semiconductor access in the Middle East. A potential deal allowing the UAE to import over one million Nvidia chips is also under discussion—something analysts say could fuel further gains.

"Nvidia only needs another $11 billion in market cap to hit that milestone," Jessica added. “It could then ride momentum from Microsoft and potentially reclaim the top spot. There's still upside, especially as major S&P 500 tech players ramp up their Nvidia orders."

However, ongoing export restrictions to China may continue to act as a headwind.

Still, with AI firmly at the center of global tech priorities, Nvidia's ascent appears far from over.

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