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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AI dominance makes Nvidia now bigger than AppleOnce 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.
Read more »
Nvidia hits $3tn and surpasses Apple as world’s second most valuable companyAI chipmaker’s stock has surged 147% so far in 2024, underscoring shift in tech world as demand for its processors far outstrip supply
Read more »
Live updates: Australian shares to follow Wall Street gains, Nvidia joins $3 trillion clubAustralian shares are set to rise as Wall Street rose overnight and the Bank of Canada's decision to cut rates by 25 basis points for the first time since March 2020 increases hopes for the European Central Bank to follow.
Read more »
ASX 200 LIVE: ASX to rise, Nvidia leaps as megacaps rallyAustralian shares to rise. Telix unveils $300 million Nasdaq IPO. Gold, oil rise. Iron ore slips. Bank of Canada cuts rates. Follow updates here.
Read more »
AI hardware firm Nvidia unveils next-gen products at Taiwan tech expoCEO Jensen Huang tells packed stadium ‘next Industrial Revolution has begun’
Read more »
ASX 200 LIVE: Australian shares to open lower, Nvidia surges higher in New YorkAustralian shares to drop. BHP deadline fast approaching. Nvidia’s market cap surges towards Apple. Monthly inflation data at 11.30am. Follow updates here.
Read more »