Nvidia's stock soared 5.2%, propelling its market capitalization to a staggering $3.02 trillion. This surge dethroned Apple, making Nvidia the world's second-largest company by market cap, trailing only Microsoft.
The surge comes ahead of Nvidia's one-tenth of the market stock split, potentially fueled by investor interest in the increased affordability of individual shares. With a market valuation that has increased to $3 trillion, Nvidia has surpassed Apple to become the second most valuable publicly traded business in the world.
This is a significant milestone for Nvidia, highlighting its position as a powerhouse in the AI industry. Nvidia's quick rise is being fueled by investor excitement about its prospective supremacy in the artificial intelligence space, as evidenced by more than 5% increase in its share price, which has already surpassed $1,224.
CEO Jensen Huang’s statement reflects Nvidia's optimism and strategic focus on leveraging its new supercomputing AI GPU, Blackwell, to drive growth in the upcoming year. By emphasizing the readiness of the Blackwell platform and its capabilities in supporting trillion-parameter-scale generative AI, Nvidia aims to position itself at the forefront of innovation in artificial intelligence and high-performance computing.
Since 2023, Nvidia's Graphic Processing Units (GPUs) have been in high demand due to their advancements in supporting machine learning, Large Language Model (LLM) training, and supercomputing capabilities. The company holds a monopolistic position in AI chip manufacturing, accounting for approximately 80% of the market share.
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