NVIDIA dethrones Microsoft to become world's most valuable company
What's the story
NVIDIA, the globally recognized GPU manufacturer, has outpaced tech giant Microsoft to clinch the title of the world's most valuable company. This milestone comes on the heels of NVIDIA surpassing Apple in overall valuation less than two weeks ago. The company's meteoric rise is largely credited to its pivotal role in fueling the growth of generative AI technology.
Market cap
M-cap hits record $3.335 trillion
NVIDIA's share price closed at $135.58 on Tuesday, up by $4.60 from the previous day's trading session. This increase propelled its market capitalization to an astounding $3.335 trillion, exceeding that of other tech giants like Microsoft (at $3.32 trillion), Apple (at $3.29 trillion), and Google (at $2.17 trillion). The company's value has soared despite a 10-for-1 share split earlier this month, that lowered the overall share price.
Stellar growth
NVIDIA's share price skyrockets in 2024
NVIDIA has witnessed a staggering 160% increase in its share price this year alone, crossing the $2 trillion mark back in February. The company's latest earnings report, released in May, revealed over $26 billion in revenue. This impressive figure precedes the launch of its new Blackwell GPU architecture later this year with the B200 chip, described as "the world's most powerful chip" by NVIDIA CEO Jensen Huang.