Nvidia Becomes World’s Most Valuable Company Surpassing Microsoft and Apple

Nvidia became the world’s most valuable company after its stock price increased by 3.6%, resulting in a total market value of $3.34 billion, surpassing both Microsoft and Apple.

Nvidia’s stock has surged by 170% this year alone. This significant rise followed a very positive first-quarter report earlier in the year. Since the end of 2022, Nvidia’s stock price has multiplied by nine times, a growth driven by the increasing interest in generative AI, a cutting-edge form of artificial intelligence.

Nvidia holds around 80% of the market for AI chips used in data centers, which are crucial for companies like OpenAI, Microsoft, Alphabet, Amazon, and Meta, according to CNBC. These data centers are large facilities that store and process vast amounts of data.

The company’s recent quarterly report revealed that revenue from Nvidia’s data center business has increased by 427% compared to the previous year, now accounting for approximately 86% of the company’s total sales.

Nvidia is well-known for producing graphics cards and chips that enable gamers to play the latest video games. The company has also explored selling chips for cryptocurrency mining and cloud gaming subscriptions but has found substantial success in the AI market.

According to Forbes, Nvidia’s co-founder and CEO, Jensen Huang, is now the 11th wealthiest person in the world, with a net worth of $117 billion.

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