Nvidia surpasses Apple with $3 trillion valuation
- Nvidia has surpassed Apple with its new valuation
- The tech-giant has been valued at a staggering $3 trillion
- It’s now the second most valuable company in the world
Published on Jun 07, 2024 at 1:34 PM (UTC+4)
by Claire Reid
Last updated on Jun 07, 2024 at 7:24 PM (UTC+4)
Edited by
Tom Wood
Nvidia has surpassed fellow tech-giant Apple after being given a mind-blowing valuation of $3 trillion.
The US-based company saw its share price rise more than five percent on Wednesday (June 5) – taking it to more than $1,224. This new valuation means Nvidia is the second most valuable publicly listed company in the whole world.
It sits just behind Microsoft, which – at the time of writing this article – has a valuation of $3.151tn.
READ MORE! This Nvidia AI superchip will be ‘the world’s most powerful’
Nvidia has had a great few months
It’s been a solid few months for Nvidia; in February it reached $2 trillion in market cap and just last month it was announced that the company was worth more than Amazon and Tesla combined.
So far in 2024, Nvidia’s stock has surged a whopping 147 percent.
Sharing his thoughts on the recent valuation, Jake Dollarhide, chief executive officer at Longbow Asset Management told Reuters: “Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.
“It may be a foregone conclusion that Nvidia will overtake Microsoft as well.
“There’s a lot of retail money that’s piling in on what they see as a straight shot up.”
How does Nvidia make its money?
Nvidia is the tech industry’s main supplier for AI chips and counts the likes of Amazon, Microsoft, Meta and Google among its clients.
That means the recent groundbreaking tech you’ve been seeing in ChatGPT is powered by hardware from Nvidia – and goes some way to explain why the company has such a staggeringly high market value.
Nvidia is also working hard on its own AI advancements and has showcased some pretty interesting things recently – such as these humanoid robots or a new chip touted to be the ‘most powerful’ in the world.
Speaking at a recent conference, Nvidia founder and CEO Jensen Huang said the company is ‘pushing boundaries’ with its AI work as it looks towards the future.
“Today, we’re at the cusp of a major shift in computing,” he said during the keynote speech in Taipei.
“The intersection of AI and accelerated computing is set to redefine the future.
“The future of computing is accelerated.
“With our innovations in AI and accelerated computing, we’re pushing the boundaries of what’s possible and driving the next wave of technological advancement.”
Claire Reid
Claire Reid is a journalist who hails from the UK but is now living in New Zealand. She began her career after graduating with a degree in Journalism from Liverpool John Moore’s University and has more than a decade of experience, writing for both local newspapers and national news sites. Across her career she's covered a wide variety of topics, including celebrity, cryptocurrency, politics, true crime and just about everything in between.
