Nvidia value surges past $3tn and overtakes Apple

Nvidia's market value exceeded 3 3 trillion, which allowed the chipmaker to overtake Apple and become the second-largest public company in the world, writes UNN with reference to the BBC.

Details

The company's share price rose more than 5% to перевищ 1,224 on Wednesday.

It continued the breakneck growth that began last year, thanks to bets that the firm will take the lead in a wave of artificial intelligence (is) Investments.

Its market value now lags behind Microsoft, another key player in the industry thanks to investments in Chat GPT maker OpenAI.

Nvidia, whose value back in February was estimated at "only" " 2 trillion, provoked a new wave of stock purchases after last month announced plans for a so-called stock split. this step will increase the number of shares by 10 times and reduce their value accordingly. This change is aimed at making stocks more accessible to small investors. this is expected to happen on Friday and generate even more demand for the stock.

Founded in 1993, Nvidia was originally known for producing computer chips that process graphics, especially for computer games.

Long before the artificial intelligence revolution, the company began adding features to its chips that it said helped machine learning, all of which helped it increase its market share.

It is now considered a key company to keep an eye on to see how fast AI-based technologies are spreading in the business world, said Nvidia CEO Jensen Huang, who hailed the start of the "next industrial revolution.

His company showed explosive growth: sales for the three months to April 28 amounted to.26 billion, which is more than three times higher than in the same period of 2023 and 18% more than in the previous three months.

Optimism about artificial intelligence is one of the reasons for the broader market growth last year, which pushed the S&P 500 and Nasdaq indices in the US to new records on Wednesday.

Earlier this year, Apple appears to have suffered losses as sales growth stalled. but in recent weeks, the company's stock has supported expectations about how it plans to incorporate it into its own strategy as well.

The company's shares rose 0.7%, bringing its market capitalization, which is usually calculated by multiplying the number of shares of the company by the current price of its shares, to approximately 3 3 trillion.

Tesla is likely to spend 3 3-4 billion on Nvidia hardware in 2024June 5 2024, 08:14 AM • 20604 views