Sunday, July 21, 2024
Business

Nvidia becomes world’s most valuable company!

Nvidia has recently become the world’s second most valuable company, surpassing Apple. This milestone was reached after Nvidia’s market capitalization hit $3 trillion, following a significant rise in its stock price driven by the ongoing artificial intelligence (AI) boom. Nvidia’s stock has surged by 147% in 2024, fueled by the high demand for its AI-enabling GPUs, which are crucial for advancements in AI technologies.

Apple, which had been a dominant force in the tech industry for years, saw its market value slightly decline to around $3 trillion amid challenges such as weaker iPhone sales, especially in China, and perceived delays in adopting cutting-edge AI technologies.

Meanwhile, Nvidia’s growth has been bolstered by its strategic positioning in the AI sector, where it supplies critical hardware for AI applications used by companies like Microsoft, Meta, and Alphabet

Currently, Microsoft holds the top position as the most valuable company globally, with a market cap of approximately $3.15 trillion.

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