Nvidia was officially more valuable than Apple for a couple of hours, at least

Date:
Fri, 07 Jun 2024 11:03:28 +0000

Description:
Shares in Nvidia continue to skyrocket as the company pushes Apple out of second place, Microsoft next.

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In a significant milestone, Nvidia has become the second-most valuable
company globally and the third firm to ever reach a market cap of $3
trillion.

The chipmaker hit a market cap of $3.01 trillion earlier this week, slightly surpassing Apples $3 trillion valuation and just a few paces behind
Microsoft, which stands at around $3.16 trillion.

Nvidias rapid ascent is fuelled by its dominance in the AI sector, supported by its flagship chips, underscoring the lucrative nature of artificial intelligence. Nvidia shares are skyrocketing

In the final months of 2022, when OpenAI was busy releasing its public
preview of ChatGPT, Nvidia shares were fluctuating between around $150 and $180. Since June 2019, shares have risen more than 3,100% to an eyewatering $1,209.98. In 2024 alone, Nvidia has seen the price of a single share shoot
up from $481.68.

The companys impressive financial performance is underscoted by its recent profit report. In May, Nvidia announced a staggering $14 billion in profits, driven by robust sales of its chips. The company has planned for a
ten-for-one stock split today (June 7).

CEO Jensen Huang commented on the companys most recent quarterly performance: The next industrial revolution has begun companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center AI factories
to produce a new commodity: artificial intelligence.

Nvidias AI chips account for an estimated four in five of data center purchases, with the company counting the likes of Microsoft and OpenAI,
Google and Amazon among its customers.

The company has slipped back into a very close third place, just behind
Apple, which is set to hold its annual developer conference next week, where its likely to reveal its AI strategy. Nvidias aggressive, upward trajectory
is anticipated to see the company surpass Apple, with Nvidia gunning for
prime position potentially in a matter of weeks. More from TechRadar Pro
These are the best AI tools and best AI writers Check out the best CPUs from AMD and Intel for your next upgrade Nvidias set to supercharge Copilot+ PCs with its RTX GPUs and maybe thatll happen soon



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Link to news story: https://www.techradar.com/pro/nvidia-was-officially-more-valuable-than-apple-f or-a-couple-of-hours


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