Nvidia dethroned Microsoft, and earlier this month Apple, as the world’s most valuable company after its share price skyrocketed to almost, €123.76, up 3.5 per cent.
Up until eight years ago its stock was worth less than one per cent of its current price.
Its recent surge boosted Wall Street to a new record high. The S&P increased by 0.3 per cent, closing Tuesday at 5,487.03.
Nvidia, a US-based company, produces computer chips required for artificial intelligence (AI) software. Nvidia chips are used by various software including the popular OpenAI’s ChatGPT chatbot.
As AI dominates many industries, demand for NVIDIA’s products has increased its sales and profits, with it being a popular choice despite fierce competition from Google and Apple.
Furthermore, increased demand for its chips has driven the price per unit up to around €27,300, significantly boosting the company’s revenue.
Now, the company is valued at €3.04 trillion with the price nearly doubling in six months.
In total, the stock surged around 180 per cent this year. This was much higher than Nvidia’s competitors, with the stock of the likes of Microsoft increasing by 19 per cent.
The technology dominance has made Nvidia’s CEO Jensen Huang one of the world’s richest men, increasing his net worth from €84.64 billion to €91 billion in a year and a half.
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