US computer chip maker Nvidia has become the world’s most valuable company as its share price hit an all-time high on Tuesday. Nvidia’s share price climbed over 3% during the trading day to nearly $136, surpassing tech giant Microsoft as the most valuable company. Earlier this month, Nvidia had already exceeded Apple in valuation.
Nvidia is a leading producer of computer chips essential for powering artificial intelligence (AI) software, a technology that has grown in popularity with the emergence of generative AI products like ChatGPT. Demand for Nvidia products has surged as companies rush to adopt AI technology to keep pace with industry trends.
The increased focus on AI products from major tech firms has led investors to predict that Nvidia’s profits will continue to rise, potentially driving the share price even higher. The company’s valuation now stands at $3.34bn, marking a 180% increase from the beginning of the year.
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