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Monday, April 15, 2024

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AI chip maker Nvidia’s market value soars to US$2 trillion

Nvidia, a leading AI chip company, has seen its market value soar above US$2 trillion, marking a significant milestone in its growth and highlighting its status among the world’s most valuable companies.

The surge in value follows a more than 4% increase in its share price after a highly positive earnings report. The company’s success is attributed to the booming demand for AI technology, which has driven its annual turnover to exceed US$60 billion.

Nvidia CEO Jensen Huang reported a global surge in demand for their products. Having reached a US$1 trillion valuation less than a year ago, Nvidia now stands as the fourth most valuable publicly traded company, trailing only behind giants like Microsoft, Apple, and Saudi Aramco.

Originally founded in 1993 and known for producing graphics processing units for gaming, Nvidia has strategically pivoted towards AI, enhancing its chips to support machine learning—a move that has significantly expanded its market share.

This strategic direction has positioned Nvidia as a crucial player in the AI-driven technological evolution across various industries.

The company’s stock has experienced a remarkable increase, tripling in value over the past year, with shares nearing US$800.

Following its latest earnings report, Nvidia’s valuation experienced the largest single-day gain in Wall Street history, adding US$277 billion to its market cap and fueling a broader market rally.

The enthusiasm around AI’s is being seen across multiple sectors, from automotive design to telecommunications and beyond, signaling a pivotal moment for the industry’s integration of AI technology.

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