Nvidia, the chip giant at the heart of the artificial intelligence revolution, has surpassed Microsoft to become the world’s most valuable company with a market capitalization of $3.335 trillion. This milestone was achieved after the company’s stock price rose by 3.5 percent to reach $135.58.
Recently, Nvidia overtook Apple to claim the title of the world’s second-most valuable company. This remarkable achievement was accompanied by a decline in the stock prices of Microsoft and Apple, who had previously held the second and third spots, respectively.
Nvidia’s success can be attributed to its dominance in the AI chip market, with an 80 percent share, and its importance in powering data centers for AI development. Since its debut on the stock market in 1999, Nvidia’s shares have seen an unprecedented rise, increasing by a staggering 591,078 percent under CEO Jensen Huang’s leadership.
The surge in Nvidia’s stock price has had a significant impact on the overall market as well, with both the S&P 500 and Nasdaq indexes reaching record highs. The company’s success is due to its high demand for its chips from tech giants like Microsoft, Meta (formerly Facebook), and Google, all of whom rely on Nvidia’s GPUs for their AI applications.
Nvidia’s dominance in this space underscores its importance in driving innovation and pushing boundaries in artificial intelligence technology. With CEO Jensen Huang now one of the wealthiest individuals in the world with a net worth of over $117 billion according to Forbes, it is clear that Nvidia will continue to play a crucial role in shaping our future with AI technology.
