Nvidia’s relentless rally propelled the semiconductor giant’s market capitalisation over its tech peers on Tuesday, making it the world’s most valuable company as the artificial intelligence wave continues.
The stock rose 3.5 per cent to close at $135.58 a share on Tuesday, putting the company’s market value at about $3.3 trillion and catapulting it over those of Microsoft and Apple.
The top stocks have jockeyed all month for the pole position, with Nvidia finally edging past both of its big-tech peers.
Earlier in the month, Nvidia capped Apple by market value for the first time since 2002, and the two went back and forth in rankings in recent days.
Last week, Apple also overtook Microsoft to trade in the top spot briefly.
The ranking is yet another reminder that AI is the top focus of many investors.
Nvidia is regarded as the biggest and earliest beneficiary of the technology as it dominates the market with its highly sought-after chips that help to power data centres running complex computing tasks required by AI applications.
Demand for its H100 accelerators are surging and helped drive the chip maker’s sales up by more than 125 per cent last year.
Microsoft is also seen as an early AI winner given its investment and partnership with OpenAI, which created ChatGPT.
This week, Apple shares rallied after the iPhone maker finally unveiled its plan for using the technology, appeasing investors at long last.
“We believe over the next year the race to $4 trillion market cap in tech will be front and centre between Nvidia, Apple, and Microsoft,” Daniel Ives, analyst at Wedbush Securities, wrote in a note.
Nvidia’s surging stock price has made co-founder and chief executive Jensen Huang one of the world’s richest people.
His net worth has climbed nearly $75 billion since the beginning of the year to $119 billion, putting him in 12th place on the Bloomberg Billionaires Index. That’s the biggest gain among his billionaire peers.
Investors and Mr Huang say Nvidia is more than a chip maker.
“They’re not just selling chips, they’re selling systems,” said Michael Lippert, vice president and portfolio manager at the Baron Capital, pointing to the company’s proprietary software and development ecosystem.
Nvidia’s swift climb to the top has been record breaking, as the company is one of the few to have demonstrated significant revenue growth from AI.
Shares have risen more than 170 per cent in 2024 so far, adding more than $2 trillion to its market capitalisation.
“Nvidia’s GPU chips are in essence the new gold or oil in the tech sector, as more enterprises and consumers quickly head down this path with the Fourth Industrial Revolution well under way,” Mr Ives said.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
