Once a niche tech firm for video game players, AI chip maker Nvidia is now the world’s second-most valuable company with a market cap of more than $US3 trillion.
American chipmaker Nvidia has become the world’s second-most valuable company, surging past iPhone giant Apple thanks to the boom in artificial intelligence and rampant demand for generative AI products such as ChatGPT.
The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $US10 billion each. Apple, by comparison, is yet to fully capitalise on the AI wave and is grappling with subdued demand for iPhones. The company, which was the first to reach a $US1 trillion and $US2 trillion valuation, is expected to announce a partnership with ChatGPT maker OpenAI at a developer conference next week to catch up.
“Do you want to be the company delivering groundbreaking AI, or the company, you know, delivering 0.3 per cent better?”The company is planning a 10-for-1 stock split on Friday, a move that will affect its share price, but not its total valuation.
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