In a remarkable achievement, Nvidia overtook Apple in market capitalization on Tuesday, reaching $3.43 trillion after a 2.9% increase in its share price. This milestone highlights Nvidia’s rapid rise, spurred by skyrocketing demand for AI-driven technology and GPUs. Apple’s market cap stood at $3.4 trillion, making this the second time Nvidia has surpassed Apple, with the first occurrence back in June 2024.
Key Highlights
- Meteoric Stock Growth: Nvidia shares have seen an 850% surge since late 2022, fueled by immense demand for AI infrastructure. The company’s shares nearly tripled this year alone.
- Dominance in AI Hardware: Nvidia supplies 75% of AI accelerators worldwide, powering AI models like OpenAI’s ChatGPT and Google’s Gemini. This growth positions Nvidia as the leading provider in the AI ecosystem.
- Revenue and Profit Surge: Nvidia’s revenue has more than doubled over the past five quarters, with profits climbing from $2.3 billion in early 2022 to $31.5 billion by mid-2024. Further growth of 44% in 2025 is anticipated.
- Critical Partnerships: Major tech companies such as Microsoft, Google, Amazon, and Meta use Nvidia’s GPUs in their AI cloud and data operations, further expanding Nvidia’s market footprint.
- Influence on S&P 500: Nvidia represents nearly 7% of the S&P 500 Index and has contributed significantly to the index’s 21% rise this year.
Nvidia Office – BusinessNews.LK
Nvidia‘s AI-fueled growth trajectory has firmly positioned it at the forefront of the tech and AI markets, now holding the title of the most valuable tech company. As demand for AI-powered tools and infrastructure continues to expand, Nvidia’s influence within the tech ecosystem seems set to grow even further.
Last modified: November 12, 2024
