Nvidia has once again become the most valuable publicly traded company, and all credit goes to the AI boom. On Tuesday, its shares rose about 3 per cent to $141.50, CNBC reported. Over the past month, Nvidia’s stock has seen a 24 per cent growth despite concerns around export controls and Trump’s Liberation Day tariffs. The stock price is $141.22 USD, up $3.84 (2.80%) today.
Since mid-2023, the AI chipmaker has been competing closely with Apple and Microsoft for the highest market valuation. Now, it has officially surpassed Microsoft to claim the number one spot, according to CNBC.
Nvidia closed Tuesday with a $3.45 trillion market cap while Microsoft closed with a $3.44 trillion market cap. It last held the title of most valuable company in January of this year.
Last week, Nvidia reported fiscal first-quarter revenue of $44.06 billion and adjusted earnings of 96 cents per share, a jump of 69% year-over-year increase.
AI fueling Nvidia’s growth?
The outlet further reported that the company’s growth has been driven by AI chips, which power leading companies such as ChatGPT-maker OpenAI. Microsoft, Facebook’s parent company Meta, Google, Amazon, Oracle and xAI have been using Nvidia chips to build systems that could do advanced AI work. These companies have been spending billions to use Nvidia’s hardware.
Founded in April 1993, Nvidia began its journey building graphics cards for gaming. Founded by Jensen Huang, Chris Malachowsky, and Curtis Priem, the company focused on designing GPUs (graphics processing units), APIs for data science and high-performance computing, and system-on-a-chip (SoC) units. Although Nvidia outsources the manufacturing of the hardware it designs, it has become the global leader in artificial intelligence (AI) hardware and software.
Sensex, Nifty flat
Indian equity markets started Wednesday’s session on a flat note, with key indices opening slightly higher. The NSE Nifty 50 rose 39 points (0.16%) to 24,581, while the BSE Sensex gained 179 points (0.22%) to 80,916.80.
The Bank Nifty also showed positive momentum, opening 117.75 points (0.21%) higher at 55,717.70.
Reflecting the broader market trend, the Nifty Midcap 100 advanced 149 points (0.25%) to 57,666. The gains were mainly driven by sectors like technology, automobile, and finance, helping maintain market stability as the Nifty hovered near the 24,600 mark and the Sensex climbed by around 180 points.