Nvidia takes throne as most valuable public company!
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| Nvidia’s RTX 4070 graphics card |
Market cap reaches USD 3 trillion!
As reported by CNBC, graphics chip maker Nvidia is now the most valuable public company after its shares climbed 3.6 percent on Tuesday.
This lifted its market cap to USD 3.34 trillion (around PHP 196 trillion) surpassing Microsoft at USD 3.32 trillion (around PHP 195 trillion). It has taken over Apple earlier this month when it hit $3 trillion for the first time.
Nvidia shares are up more than 170 percent so far this year. Its stock has multiplied by more than ninefold since the end of 2022, which coincided with the emergence of generative artificial intelligence.
The tech giant holds about 80 percent of the market for AI chips used in data centers, a business that’s ballooned as OpenAI, Microsoft, Alphabet, Amazon, Meta, and others have raced to snap up the processors needed to build AI models and run increasingly large workloads.
Based on the latest quarter, revenue in Nvidia’s data center business surged 427 percent. This accounted for about 86 percent of the chipmaker’s total sales.
Forbes has also named co-founder and CEO Jensen Huang the 11th wealthiest person in the world.
What do you think about this?
Via: CNBC
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