Nvidia, a leading chipmaker and artificial intelligence company, has surpassed Microsoft to become the most valuable company in the world with a market capitalization of $3.34 trillion. This shift in rankings on Wall Street marks Nvidia’s continued success and growth in the tech industry.
Nvidia’s stock closed 3.5% higher on Tuesday, while Microsoft’s stock fell 0.5% and Apple shares lost 1.1%. The company’s rise in value is attributed to its powerful chips that drive artificial intelligence systems, including technologies like generative AI. Nvidia’s stock has increased by approximately 174% this year, making it the best performer on the S&P 500 index in 2023.
This milestone for Nvidia comes amidst a fierce competition among tech giants for the top spot in the market. Apple briefly held the title of the most valuable American company in June after unveiling generative AI features for the iPhone at its annual Worldwide Developers Conference. However, Nvidia’s impressive growth and recent accomplishments have secured its position as the new leader in the tech industry.
In addition to its market success, Nvidia completed a 10-for-1 stock split in June and reported significant revenue and profit increases in the past quarter. The company’s strong performance and innovative technologies have solidified its position as a key player in the artificial intelligence sector and the broader tech market.
Overall, Nvidia’s rise to the top spot in market value is a testament to its continued growth and influence in the tech industry. As the company continues to develop cutting-edge technologies and drive innovation in artificial intelligence, its position as the most valuable company in the world is a reflection of its success and leadership in the market.
Article Source
https://www.cnn.com/2024/06/18/markets/nvidia-largest-public-company/index.html
