NVIDIA founder, President and CEO Jensen Huang talks about the future of artificial intelligence and its impact on energy consumption and production at the Bipartisan Policy Center in Washington, DC on September 27, 2024.
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NVIDIA Passed apple On Tuesday, the company became the world’s most valuable listed company for the second time.
NVIDIA’s stock price rose nearly 3%, with a closing market value of US$3.43 trillion, ahead of Apple’s US$3.4 trillion. Nvidia shares have nearly tripled in 2024 as investors show continued confidence in the company’s ability to maintain rapid growth and leadership in the artificial intelligence market through its graphics processing units (GPUs).
Apple shares are up about 17% this year, even as many analysts say the recently unveiled iPhone suite of smart features could boost sales and give the company a leadership position in “edge artificial intelligence,” which is critical to Less dependent on GPU.
Nvidia is a major supplier of GPUs, which are used to develop and deploy high-end artificial intelligence software, such as OpenAI’s ChatGPT. Currently, the company’s stock price is up more than 2,700% over the past five years, and revenue has more than doubled in each of the past five quarters, tripling in three of them.
Apple was the first company to reach a market capitalization of US$1 trillion and US$2 trillion. Nvidia previously overtook Apple in June before slipping in the summer. MicrosoftRanked third, with a market value of nearly $3.1 trillion, it is a major customer of Nvidia GPUs to promote its cooperation with OpenAI and its own AI ambitions.
Nvidia was founded in 1991 to make 3D gaming chips, but has taken off in recent years for entirely different reasons. Over the past decade, scientists and researchers have discovered that Nvidia chip designs, capable of rendering polygons and computer graphics, are well-suited for the parallel processing required for artificial intelligence. Subsequently, Nvidia developed software and more powerful chips specifically for artificial intelligence.
Last week, Apple reported a 6% revenue growth for its latest quarter, but showed growth this quarter was weaker than analysts expected. Nvidia is scheduled to report results on November 20.
S&P Dow Jones announced last week that Nvidia will join the Dow Jones Industrial Average on Friday, replacing a long-time rival Inteland join the Apple Blue Chip Index.
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