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.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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More from Rashmee Roshan Lall
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
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Fourth-round clashes for British players
- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)
- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
COMPANY%20PROFILE
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Brief scores:
Huesca 0
Real Madrid 1
Bale 8'
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Killing of Qassem Suleimani
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
