Microsoft is overtaken by Nvidia to become the most valuable corporation in the world.
The market capitalization of the chip titan reaches $3.335 trillion as stock prices continue their incredible ascent.
Nvidia, the startup at the epicenter of the AI explosion, has surpassed Microsoft to become the most valuable corporation in the world.
On Tuesday, Nvidia's market capitalization increased to $3.335 trillion as the chipmaker's shares increased 3.5% to $135.58.
Only a few days prior, the Santa Clara, California-based business surpassed Apple to take the second place as the most valuable firm in the world.
The stock prices of Apple and Microsoft, which were ranked second and third, respectively, decreased by 1.1 percent and 0.45 percent.
The S&P 500 and Nasdaq indexes have reached all-time highs thanks to Nvidia's climb, which has extended the company's winning run for speculators. GPUs are essential to the advancement of artificial intelligence.
Encouraged by IT behemoths like Microsoft, Meta, and Google's insatiable want for its chips, the company's stock price has increased by than 182 percent this year alone, following a more than threefold increase in 2023.
About 80% of the market for AI chips—which are required in data centers to run AI models like OpenAI's ChatGPT—is held by Nvidia.
Nvidia's stock has surged 591,078 percent since the company's 1999 IPO.
The Kobeissi Letter monthly on capital markets states that an investor who contributed $10,000 to the company in 1999 would now own $59,107,800 worth of equity.
For the first couple decades of its existence, Nvidia's primary concentration was on creating semiconductors for video games.
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