Currently the most valuable public business in the world, Nvidia has long been recognized in the niche gaming community for its graphics chips.
In Tuesday’s lunchtime trade, the chipmaker’s shares increased 3.2%, overtaking Microsoft in market capitalization to reach $3.33 trillion. Nvidia overtook Apple and had a market capitalization of $3 trillion earlier this month.
Since the business released its first-quarter results report in May, Nvidia’s shares have increased by more than 170%, or more, this year. The gain in the stock price since the end of 2022 has been more than nine times, and this increase has been correlated with the development of generative artificial intelligence.
About 80% of the market for AI processors used in data centers is held by Nvidia, a company that has expanded as companies like OpenAI, Microsoft, Alphabet, Amazon, Meta, and others have fought for the processors required to create AI models and handle heavier workloads.
Source (CNBC)
