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In a major shift on Wall Street, Nvidia has surpassed Microsoft to become the world’s most valuable company. The US chip maker’s share price reached a new record high on Tuesday, more than doubling since the beginning of the year. The surge in value is attributed to the high demand for computer chips from companies developing artificial intelligence systems.
Nvidia’s focus on AI technology has been instrumental in its growth, with revenue consistently tripling every quarter and profits increasing rapidly. The company’s stock is up nearly 174% this year, with its market cap exceeding $3.3 trillion. This makes Nvidia one of the top five most valuable companies in the world, along with other tech giants like Microsoft and Apple.
The success of Nvidia is part of a broader tech surge that has led to significant gains for other US tech firms in recent months. While these gains may not be as impressive as Nvidia’s, they highlight the dominance of technology companies in today’s market landscape. All five of the most valuable companies in the world are now located in Silicon Valley or Washington State, underscoring the power of tech giants like Nvidia.
As Nvidia continues to thrive, it is reshaping the industry and positioning itself as a key player in the future of technology. With a stock price that has risen by over 3,000% in the last five years, Nvidia’s success underscores the growing significance of AI technology and the demand for innovative solutions in the tech sector.
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