Nvidia surpasses Apple as world's biggest company - The Hindu
Nvidia, the chip-making giant, achieved a significant milestone by surpassing Apple to become the highest-valued company globally. This remarkable feat was accomplished amidst the continued excitement surrounding the artificial intelligence boom on Wall Street.
On Tuesday, Nvidia's shares surged by 2.9% to reach $139.93, resulting in a market capitalization of $3.43 trillion, outpacing Apple at $3.38 trillion. This achievement comes after Nvidia held the title of the largest traded company back in June, albeit for just one day. Currently, Nvidia's market value exceeds that of Amazon and Meta combined.
Investment in AI Technology
Major tech companies around the world have made substantial investments, totaling billions of dollars, in Nvidia's cutting-edge AI technology. This technology serves as a core element in training advanced generative AI systems like OpenAI's ChatGPT and Google's Gemini.
Unprecedented Growth
Nvidia's meteoric rise is further highlighted by its inclusion in the Dow Jones Industrial Average, scheduled to take effect on Friday. The company's stock price has skyrocketed by over 850% since the end of 2022 when the launch of ChatGPT ignited an AI frenzy.
This exponential growth underscores Nvidia's pivotal role in driving innovation and shaping the future of artificial intelligence technology.
Published on November 06, 2024 08:27 am IST
Tags: technology (general), internet, Artificial Intelligence, business (general)
