Nvidia has overtaken Microsoft to become the world's most valuable company

[xiaomo]

Nvidia, at the forefront of the artificial intelligence boom, has now claimed the title of the world's most valuable company, displacing Microsoft from the top spot.

Nvidia's market capitalization reached $3.335 trillion on Tuesday, with its stock rising 3.5% to $135.58.

Just days ago, the company based in Santa Clara, California, surpassed Apple to become the second most valuable company globally.

Microsoft and Apple saw their stocks decline by 0.45% and 1.1% respectively, occupying the second and third positions.

The rise in Nvidia's stock contributed to record highs in the S&P 500 and Nasdaq indices, continuing the company's streak of success. Its Graphics Processing Units (GPUs) are crucial for AI development.

Driven by high demand for its chips from tech giants like Microsoft, Meta, and Google, Nvidia's stock has surged nearly 182% this year, following more than tripling in 2023.

Nvidia controls about 80% of the AI chip market, used in data centers running AI models such as OpenAI's ChatGPT.

Since going public in 1999, Nvidia's stock price has skyrocketed by 591,078%.

According to the Kobeissi Letter's capital market newsletter, an investment of $10,000 in 1999 would be worth $59,107,800 in Nvidia stock today.

Founded in 1991, Nvidia initially focused on producing chips for electronic games.

In the 2000s, CEO Jensen Huang led Nvidia to heavily invest in developing GPUs widely applicable beyond gaming, positioning the company for the impending AI boom.

The company's remarkable ascent has made Jensen Huang one of the world's wealthiest individuals, with Forbes estimating his net worth exceeds $11.7 billion.

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