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Thursday, June 20, 2024

Computer Chip Maker Becomes World’s Most Valuable Company, Dethrones Microsoft


Nvidia, the startup at the centre of the artificial intelligence boom, has become the world’s most valuable company, knocking Microsoft off the top spot.

Nvidia’s market capitalisation hit $3.335 trillion on Tuesday as shares of the chipmaker rose by 3.5 percent to $135.58.

The feat comes just days after the Santa Clara California-based company eclipsed Apple to become the world’s second most valuable company.

Shares of Microsoft and Apple, holders of the number two and three spots, fell by 0.45 percent and 1.1 percent, respectively.

Nvidia’s rally, which has lifted the S&P 500 and Nasdaq indexes to record highs, continues a speculator wnits (GPUs) are integral to the development of AI.

Buoyed by voracious demand for its chips from tech giants such as Microsoft, Meta and Google, the company’s stock price has surged nearly 182 percent this year alone, after more than tripling in 2023.inning streak for the company, whose graphics processing u

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