Nvidia Surges Past Apple to Become World's Most Valuable Company, Fueled by AI Boom
Taipei, Taiwan - June 6, 2024 - In a major shift in the tech landscape, chipmaker Nvidia has surpassed Apple to become the world's most valuable company by market capitalization. The news comes on the heels of Nvidia's announcements for new artificial intelligence (AI) chips unveiled at Computex, a leading technology trade show. This morning, Nvidia's stock price skyrocketed, pushing its market cap to a staggering $3.01 trillion, according to The Verge. This surpasses Apple's current market cap by a whole $10 billion. Nvidia's Meteoric Rise The past five years have been nothing short of phenomenal for Nvidia.
AI: The New Gold Rush Analysts believe Nvidia is perfectly positioned to capitalise on the AI revolution. Their chips are seen as the essential tools for companies and researchers developing cutting-edge AI applications. The Verge aptly describes Nvidia's role as "selling shovels in a gold rush." That saud, the competition is heating up with AMD, Intel, and Qualcomm all investing heavily in developing their own AI chips. While Nvidia currently holds the top spot, the future of the AI chip market remains to be seen. More on miteradio.com.au (press play)
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