Nvidia overtakes Microsoft, becomes world’s most valuable company
Nvidia, a graphics card-making firm, overtook Microsoft to become the world’s most valuable company on Tuesday.
The American technology company saw its stock value rise by 3.5 percent to $135.58 a share — lifting its market capitalisation to $3.3 trillion.
Nvidia has dominated the technology market with its highly sought-after chips that help power data centres running complex computing tasks required by artificial intelligence (AI) applications.
On its part, Microsoft is also seen as an early AI winner given its investment and partnership with OpenAI, which created ChatGPT.
Apple, which occupies the third position, has also seen its shares rally after finally unveiling a plan to use AI — a move Bloomberg reported appeased investors.
Also, Nvidia’s surging stock price has made Jensen Huang, co-founder and chief executive officer (CEO), one of the world’s richest people.
Huang’s net worth has climbed more than $70 billion since the beginning of the year to $115 billion, putting him in 12th place on the Bloomberg Billionaires Index — the highest gain among his billionaire peers.
