The market value of US chipmaker Nvidia today surpassed three trillion dollars for the first time, overtaking US technology firm Apple to become the world’s second most valuable company, according to Reuters. US software giant Microsoft remains number one.
About Nvidia
Nvidia leads the global market for artificial intelligence (AI) chips and has recently benefited from a surge in interest in the technology. Nvidia’s share price rose 5.2 per cent today to close at a record $1,224.40. This brought the company’s market value to $3.012 trillion.
Apple’s stock was up only 0.8 percent today and the market value of the company was $3.003 trillion at the end of trading. Microsoft shares closed up 1.9 percent, bringing the company’s market value to $3.15 trillion, Reuters reports.
Growth
Nvidia reported last month that its net profit more than tripled to $14.88 billion in the first fiscal quarter ending in April from $2.04 billion a year earlier. The company’s shares have gained nearly 150 percent since the start of this year.
Nvidia last had a higher market value than Apple in 2002, five years before Apple launched its iPhone smartphones. The market value of both companies was less than $10 billion then, Bloomberg pointed out.
Source: Czech Press Office
