FRANKFURT (DPA)

Nvidia, the artificial intelligence (AI) behemoth, surged past iPhone maker Apple last year to become the world's most valuable listed company with more than $4.5 trillion in assets, according to a study released on Wednesday.

Apple's valuation stood at around $4 trillion, the consulting firm EY reported in a report made available to dpa.

Nvidia's valuation is nearly twice as much as all 40 companies in Germany's top DAX stock market index combined. They amounted to $2.5 trillion at the end of last year, the study said.

Nvidia's chip systems have become a key technology for software using AI, and the hyped company is considered a barometer for the industry.

US tech giants dominated the top rankings with third place going to Google's parent company Alphabet with a market capitalisation of just under $3.8 trillion, ahead of Microsoft and Amazon.

"The year 2025 was dominated by artificial intelligence on the world's stock markets," Henrik Ahlers, chairman of EY's management board, said.

"The euphoria surrounding new AI applications and business models has led to strong price gains worldwide. But the beneficiaries are mainly in the US and Asia."

US companies continue to dominate the stock markets, with 60 of the 100 most valuable companies in the world based in the United States.

Eight US companies are among the top 10, alongside two non-US firms, including
Saudi oil company Aramco in 8th place.