Nvidia has recently surpassed Microsoft and Apple and became the world’s most valuable company, a significant landmark driven by the demand for its semiconductors.
According to the Financial Times, Nvidia’s shares climbed 3.5 percent to $135.58, bringing its market capitalization to $3.335 trillion. This leap has allowed Nvidia to overtake Microsoft and Apple, who have long competed for the top position in US stock markets.
Nvidia’s shares have increased by over 170% this year and have soared by approximately 1,100% since hitting a low in October 2022. The growing need for chips that can support advanced AI models like OpenAI’s ChatGPT drives this rapid rise.
This growth marks a dramatic turnaround for Nvidia, which was once a $300 billion company struggling with an oversupply of chips, exacerbated by a cryptocurrency crash. Today, it stands as one of the most influential tech companies in the world.
Now other big names in Silicon Valley are eager to get their hands on Nvidia’s latest products. Nvidia’s Hopper series of graphic processing units are in great demand and have been purchased by Google, Microsoft, and Amazon for their cloud services.
The company’s growing success is attributed to its ability to sustain growth and fend off competition, according to India Today. For now, Nvidia’s strong earnings and optimistic forecasts keep it ahead of its competitors, solidifying its position as the world’s most valuable company.