Nvidia has surpassed Apple as the second-most valuable company in the world, thanks to a surge in its share price.
Microsoft is the most valuable company in the world with a $3.15 trillion market value.
Nvidia shares, which are used to power artificially intelligent systems, have risen by 147% this year. As Microsoft, Meta Platforms, and Alphabet (owner of Google) race to dominate AI, demand for Nvidia’s processors has increased.
Nvidia shares closed Wednesday at $1,224.40, up by 5 percent, or $60. This valued the company at $3.1 trillion. The Nasdaq, a technology-rich index, closed at 17,187.90, a new record high, up 330.86 or 2 percent.
Apple shares, which are facing a weak demand for iPhones, and stiff competition in China, have closed up by 0.8 percent, or $1.52 at $195.87. This gives it a value of approximately $3.005 trillion.
Nvidia’s latest rally came just as the company was preparing to split its shares ten to one on June 7. This could make it more appealing to individual investors. The company announced its latest artificial intelligence suite this week, saying that it is on an “accelerated roadmap” for new releases.
Jensen Huang is the founder and CEO of Nvidia. He told the Computex Conference in Taiwan that Nvidia would release , a next generation processor platform named Rubin. Huang, 61 years old, revealed that the “secret platform” was still in development.
He declared that “the next industrial revolution is underway.” Nvidia is partnering with companies and countries to move trillion-dollar data centres from traditional computing to accelerated computing, and to build a brand new data centre – AI factories – to produce a commodity called artificial intelligence.
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