Nvidia Surpasses Apple to Become Second Most Valuable Company in the World
In a stunning turn of events, Nvidia’s market value has skyrocketed past $3 trillion, surpassing tech giant Apple to claim the title of the second most valuable publicly listed company in the world. The chipmaker’s share price surged over 5% on Wednesday, reaching over $1,224 and solidifying its position in the global market.
This rapid climb for Nvidia began last year and has been fueled by the growing investment in artificial intelligence (AI). With the belief that Nvidia is poised to be a major player in the AI industry, investors have been flocking to the company, driving up its market value.
Currently, Nvidia sits just behind Microsoft in terms of market value, with both companies making significant strides in the AI sector. Nvidia’s recent announcement of a stock split has only added to the frenzy, with the move set to increase the number of shares by a factor of 10 and make them more accessible to small-time investors.
Founded in 1993, Nvidia initially gained recognition for its graphics processing chips, particularly in the realm of computer gaming. However, the company has since expanded its offerings to include features that support machine learning, further solidifying its position in the market.
CEO Jensen Huang has declared Nvidia as a key player in the “next industrial revolution,” as the company continues to see explosive growth. With sales reaching $26 billion in the last quarter alone, Nvidia’s presence in the AI space is undeniable.
The broader market rally over the past year, driven in part by optimism surrounding AI technology, has also played a role in Nvidia’s ascent. While Apple had previously been seen as a frontrunner in the tech industry, Nvidia’s rapid growth has propelled it to the forefront.
As the stock split approaches on Friday, all eyes are on Nvidia to see how it will continue to shape the future of AI-powered technology. With the company’s market value surpassing $3 trillion, it is clear that Nvidia is a force to be reckoned with in the ever-evolving tech landscape.
