Nvidia surged to the top of the stock market Tuesday, becoming the world’s most valuable publicly traded company with a market capitalization of about $3.3 trillion, surpassing tech giants Microsoft and Apple. This milestone underscores Nvidia’s crucial role in the artificial intelligence revolution.
Shares of Nvidia rose 3.4% around 1:25 pm (1725 GMT), driven by high demand for its advanced GPU chips, essential for AI development. Led by CEO Jensen Huang, Nvidia reported a significant rise in profits, with a net profit of $14.9 billion and revenues of $26 billion in the latest fiscal quarter, nearly quadrupling from the previous year.
“Nvidia’s GPU chips are in essence the new gold or oil in the tech sector,” stated Wedbush Securities, predicting a competitive race towards a $4 trillion market cap between Nvidia, Apple, and Microsoft.
