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Nvidia overtakes Microsoft as currently the world's most valuable public company

2024-06-19 13:43:54Lifestyle SHKRUAR NGA REDAKSIA VOX

Nvidia overtakes Microsoft as currently the world's most valuable public

Nvidia, long known in the gaming community for its graphics chips, is currently the world's most valuable public company. Shares of the chipmaker rose 3.6% on Tuesday, boosting the company's market cap to $3.34 trillion, surpassing Microsoft, which is now valued at $3.32 trillion. Earlier this month, Nvidia hit $3 trillion for the first time and passed Apple.

Shares of Nvidia are up more than 170% so far this year, and rose sharply after the company reported first-quarter earnings in May. The stock has risen more than nine times since the end of 2022, a rise that coincided with the emergence of generative artificial intelligence.

Nvidia has about 80% of the market for artificial intelligence chips used in data centers, a business that has grown as OpenAI, Microsoft, Alphabet, Amazon, Meta and others race to buy the processors needed to build AI models and to run increasingly large workloads.

For the latest quarter, revenue in Nvidia's data center business rose 427% from a year earlier to $22.6 billion, accounting for about 86% of the chipmaker's total sales.

Founded in 1991, Nvidia spent its first decades primarily as a hardware company that sold chips to gamers to 'run' 3D titles. It is also included in cryptocurrency mining chips and cloud gaming subscriptions.

But over the past two years, Nvidia shares have soared to record highs as Wall Street recognized the company's technology as the engine of a momentum in the AI ​​sector that shows no signs of slowing. Co-founder and CEO Jensen Huang's net worth is around $117 billion, making him the 11th richest person in the world, according to Forbes.

Microsoft shares are up about 20% so far this year. The software giant has also been a big beneficiary of the AI ​​boom, taking a significant stake in OpenAI and integrating the startup's AI models into its most important products, including Office and Windows. Microsoft is one of the biggest buyers of Nvidia's GPUs for its Azure cloud service. The company just introduced a new generation of laptops that are designed to run its AI models, called Copilot+.


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