The chip maker Nvidia, at the center of the artificial intelligence boom, has surpassed Microsoft and Apple to become the world’s most valuable company after its share price climbed to an all-time high.
At the close of trading on Tuesday, the Californian company Nvidia’s share price stood at $135.58, up $4.60 from the previous day and pushing its market cap to $3.335 trillion. That is more than Microsoft ($3.32 trillion), Apple ($3.29 trillion), and Google ($2.17 trillion).
Nvidia’s meteoric rise has been fuelled by the boom in generative artificial intelligence (AI) and surging demand for the company’s chips that are needed for AI. According to some estimates, Nvidia controls more than 80% of the market for the chips used in AI systems.
Nvidia’s rise is among the fastest in market history. The company’s market valuation was a little over $400 billion just two years ago. In June 2024, it has gone from $1 trillion to more than $3 trillion.
With a market value of over $3 trillion, Nvidia is worth more than most entire economies of most countries.
The rise has lifted Nvidia co-founder and CEO Jensen Huang’s net worth to about $117 billion, making him the 11th wealthiest person in the world, according to Forbes.
