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Nvidia Surpasses Apple, Becoming Second Largest Company Behind Microsoft

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Nvidia Surpasses Apple, Becoming Second Largest Company Behind Microsoft

Nvidia Surpasses Apple, Becomes Second-Largest Company Behind Microsoft

Nvidia, the corporate identified for its ChatGPT synthetic intelligence chips, has reached a inventory market worth exceeding $3 billion, overtaking Apple to safe the second spot on this planet market rating, simply behind Microsoft.

This milestone was achieved on the shut of Wall Street on Wednesday, June 5, 2024, after weeks of robust progress fueled by quarterly outcomes and new product bulletins.

Benefiting from the rising prominence of synthetic intelligence, Nvidia’s shares rose by 5.16% to achieve $1,224 per share, surpassing Apple’s market capitalization of $2.99 billion.

Nvidia’s current success might be attributed to its spectacular quarterly outcomes, with a web revenue of $14,881 million, in addition to the thrill generated by the announcement of recent chips by Jensen Huang, the corporate’s founder and CEO.

Huang lately unveiled a brand new mannequin of synthetic intelligence chips referred to as “Rubin,” set to launch in 2026, following the upcoming launch of “Blackwell” later this yr.

With round 80% market share in AI chips, Nvidia continues to dominate the trade and is anticipated to increase its attain additional with the introduction of those new merchandise.

Despite its personal achievements, Apple has been pushed to 3rd place, with Microsoft sustaining its place as the highest firm with a market capitalization of $3.15 trillion.

The success of Nvidia has not solely benefited the corporate but in addition your entire expertise sector, as evidenced by a 2.68% enhance within the inventory market on the identical day.

Huang emphasised that synthetic intelligence is the driving pressure behind Nvidia’s progress, stating, “The subsequent industrial revolution has begun: corporations and international locations are partnering with NVIDIA to shift conventional trillion-dollar knowledge facilities to accelerated computing and construct a brand new kind of knowledge middle to provide a brand new product: synthetic intelligence.”

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Overall, Nvidia’s rise to the highest highlights the significance of synthetic intelligence in driving the success of corporations in at the moment’s quickly evolving market.

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