NVIDIA has emerged as the leader among three companies vying for the title of the most valuable company in the world, surpassing Microsoft and Apple. The chipmaker’s market capitalization reached around $3.3 trillion, driven by investor interest in artificial intelligence (AI). NVIDIA’s profits are fueled by its dominance in making chips for data centers that support AI applications. Meanwhile, Microsoft has benefited from its partnership with OpenAI, and Apple’s shares rose after announcing plans for AI. Analysts predict a race to a $4 trillion market cap in technology between NVIDIA, Apple, and Microsoft. NVIDIA recently reported strong earnings, with revenue growing 18% from the previous quarter and 262% from the same period last year. The company’s sales surpassed expectations, driven by partnerships to transform data centers into “AI factories.” NVIDIA also unveiled new AI models and platforms, including synthetic data generation and AI accelerators. Founder and CEO Jensen Huang expects widespread adoption of generative AI in various industries. Subscribe to our daily AI Newsletter for more coverage.
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https://www.pymnts.com/artificial-intelligence-2/2024/ai-boom-makes-chipmaker-nvidia-worlds-most-valuable-company/
