Nvidia CEO Jensen Huang delivered the keynote address ahead of Computex 2024, which takes place in Taipei on June 2, 2024.
Sam Yeh | AFP | Getty Images
NVIDIA Shares rose 5 percent to close at $1,224.40 on Wednesday, giving the company a market capitalization of more than $3 trillion for the first time, as investors continue to clamor for a stake in the company at the center of the generative artificial intelligence boom.
Nvidia also overtook Apple to become the world’s second-largest public company behind Microsoft.
Nvidia’s milestone marks the latest astounding milestone as its shares have surged more than 3,224% over the past five years. The company is set to complete a 10-for-1 stock split later this month.
apple In January 2022, it became the first U.S. company to reach a market capitalization of $3 trillion during intraday trading. Microsoft Its market cap is expected to reach $3 trillion by January 2024. Nvidia, founded in 1993, surpassed the $2 trillion market cap in February and took just three months to cross the $3 trillion mark.
In May, Nvidia released its first-quarter earnings, showing that demand for its expensive, powerful graphics processing units (GPUs) showed no signs of slowing. Nvidia reported total sales of $26 billion, more than triple the figure in the same period a year ago. Nvidia also beat Wall Street expectations for revenue and profit, saying it would post revenue of about $28 billion in the current quarter.
Nvidia’s rapid growth in recent years has been driven by tech industry demand for its chips, which are used to develop and deploy large-scale AI models such as those at the core of OpenAI’s ChatGPT.
Companies like Google, Microsoft, Meta, Amazon and OpenAI have bought billions of dollars worth of Nvidia’s GPUs.
