BUSINESS
Nvidia dethrones Microsoft and Apple
June 19, 2024 - Nvidia stock has hit record highs driven by investor frenzy over its artificial intelligence chips. Its explosive share price growth has made it the world’s most valuable publicly traded company.
On Tuesday (June 18), Nvidia dethroned both Microsoft and Apple to become the most valuable company in the world. The company’s shares climbed 3.2 per cent to $135.18 yesterday, bringing its market capitalisation to $3.332 trillion.
The pioneer of GPUs (graphics processing units) and a frontrunner in the AI data centre business has experienced a staggering 40% growth in just the past four weeks and an impressive 209% over the past year.
“This is animal spirits now, it’s human emotion taking over,” Ted Mortonson, a tech strategist at Baird, told the Financial Times. “Nvidia is a fantastic company, don’t get me wrong. There are lots of drivers [for the stock] but 40% in a month, that’s not normal.”
According to Nvidia’s visionary CEO, Jensen Huang, the company is not just a player, but the catalyst of an “industrial revolution,” harnessing the potential of generative AI to revolutionise all sectors of the global economy.
- Nvidia vaults Apple and Microsoft as AI frenzy makes it most valuable company (Financial Times)
- Huge tech ETF set to buy $10 billion in Nvidia shares (Reuters)
- Nvidia Corp. share price (Nasdac)
- Taiwan Semiconductor Manufacturing Company (Nvidia)
- Nvidia Overtakes Microsoft As World's Most Valuable Company (Nasdaq)