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Nvidia becomes world’s most valuable company

The computing infrastructure giant overtook Microsoft’s market capitalization on Tuesday

Nvidia became the largest company in the world on Tuesday, after the US artificial intelligence chipmaker’s valuation exceeded $3.33 trillion, surpassing Microsoft. Two weeks ago, Nvidia edged out Apple from the number two spot.

Nvidia’s stock price rose by 3.5% in early trading on Tuesday, to reach an all-time high of $135.58 per share. The software giant Microsoft saw its shares slide 0.45% on Tuesday, to a market cap of $3.32 trillion.

Both firms are key players in the artificial intelligence boom. Nvidia is the tech industry’s go-to supplier for AI chips and integrated software, while Microsoft is the largest investor in ChatGPT-maker OpenAI.

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Apple shares lost 1.1% on Tuesday with iPhone-maker’s market cap slipping to $3.29 trillion.

Nvidia completed a ten-for-one stock split earlier this month, making its shares more affordable to small-time individual investors.

The US firm reached a market cap of $1 trillion one year ago, and $3 trillion on June 5 – representing the fastest growth on record – fuelled by the boom in AI. Many investors believe the company will continue to surge in value.

READ MORE: China launches $47bn super-chip fund

Founded in 1993, Nvidia originally designed graphics cards for computer gaming. It later added features to its chips designed for machine learning, increasing its market share. In recent years the surge of investment in AI tech has caused explosive growth for the company.

For more stories on economy & finance visit RT’s business section

June 19, 2024 at 02:46PM

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