Nvidia CEO Jen-Hsun Huang delivered an important speech before Computex 2024 in Taipei on June 2, 2024.
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Nvidia The company’s shares closed up 5% at $1,224.40 on Wednesday, pushing the company’s market value above $3 trillion for the first time, as investors continued to clamor for a piece of the pie at the heart of the artificial intelligence boom.
Nvidia also surpassed Apple and became the second largest listed company after Microsoft.
Nvidia’s milestone is the latest as the company’s stock price surges more than 3,224% over the past five years. The company will split its stock 100 for 1 later this month.
apple It was the first U.S. company to reach a market capitalization of $3 trillion in intraday trading in January 2022. Microsoft In January 2024, the market value reached US$3 trillion.
In May, Nvidia reported first-quarter earnings that showed demand for the company’s expensive and powerful graphics processing units (GPUs) showed no signs of slowing. Nvidia reported total sales of $26 billion, more than three times what it was a year ago. Nvidia also beat Wall Street expectations for sales and profits and said revenue would reach about $28 billion this quarter.
Nvidia’s rise has been fueled in recent years by the tech industry’s demand for its chips, which are used to develop and deploy large-scale artificial intelligence models, such as the model at the heart of OpenAI’s ChatGPT.
Companies like Google, Microsoft, Meta, Amazon, and OpenAI are buying billions of dollars worth of Nvidia GPUs.
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