Nvidia on Tuesday vaulted past Microsoft to become the world’s most valuable publicly traded company, underscoring its place at the forefront of Big Tech.
Nvidia’s stock price rose nearly $5, or 3.7%, to $135.77, valuing the AI ​​chipmaker at $3.33 trillion, compared with $3.31 trillion for Microsoft and $3.29 trillion for Apple, which had the largest market capitalization until it was surpassed by Microsoft earlier this year.
Nvidia shares are up more than 174% this year, driven by rising investment in artificial intelligence.
The rise of Microsoft and Apple harkens back to earlier technologies, but Nvdia’s surprising rise in recent years has been made possible by rising demand for its chips, fueling massive corporate spending on all things AI, and its data center operations, stimulate.
Nvidia is also a leader in graphics processing hardware, cloud services and other high-performance computing technologies, while expanding into other emerging sectors such as robotics and autonomous driving.
Nvidia, which had annual revenues of $11 billion in 2020, now brings in more than double that amount in a single quarter, while profits have soared. The company’s leather-clad founder and CEO, Jensen Huang, has been hailed as a visionary for a new era of innovation powered by generative AI tools like ChatGPT.
This is a developing story and will be updated.
