GPU-maker Nvidia Corporation, the maker of chips used to power artificial intelligence, has overtaken Apple and Microsoft to become the world’s most valuable public company.
Louisa Clarence-Smith for The Sunday Times:
Shares in the chip-maker climbed 3.8 per cent in afternoon trading on Tuesday to $135.93, lifting its market valuation to around $3.35 trillion.
Nvidia’s rally dethroned Microsoft from the top spot as investors bet on the chip-maker continuing to play a central role in the AI market.
Earlier this month, Nvidia overtook Apple to become the second-most valuable company, before Apple fought back as its shares were lifted by the release of its AI strategy, including a partnership to bring OpenAI’s ChatGPT technology to Apple devices.
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MacDailyNews Note: In a note to clients earlier this month, Wedbush Securities analyst Daniel Ives wrote, “We believe over the next year the race to $4 trillion market cap in Tech will be front and center between Nvidia, Apple, and Microsoft. Nvidia’s GPU [graphics processing unit] chips are in essence the new gold or oil in the tech sector.”
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