NVIDIA's new AI chip drives surge in stock as it nears Apple in market value

NVIDIA is close to surpassing Apple as the world's most valuable company due to strong demand for its new AI chip, the Blackwell. The company's stock has risen nearly 14% in October, boosted by CEO Jensen Huang's confirmation of full production. Earlier concerns about production delays have eased, with analysts noting that orders for the Blackwell chip are booked for at least a year. This positive outlook follows a selloff earlier in the year due to engineering issues. NVIDIA's growth is supported by increased investments in AI from major companies like Microsoft. Analysts predict NVIDIA's revenue will more than double this year, with continued investor interest reflected in rising options market activity.