Nvidia has become the first public company in the world to pass $4 trillion in market capitalisation.
Shares in the chip maker rose as high as 2.8 per cent to $164.42 during Wednesday before settling at $162.88 on market close. Nvidia shares are up more than 18 per cent this year.
The company, based in Santa Clara, California, had passed the $2 trillion mark in February 2024 and the $3 trillion milestone in June.
“AI revolution and huge historical moment for US tech sector,” Wedbush Securities analyst Dan Ives wrote in a post on X.
Nvidia and other tech giants have been the beneficiaries of an artificial intelligence boom in recent years that has seen US markets reach new record-highs. The S&P 500, of which Nvidia carries a 7.3 per cent weight, topped the 6,200 milestone on June 30. The index was trading 0.19 per cent higher on Wednesday.
While tech giants have seen large gains from the AI boom, none have benefitted like Nvidia. The bellwether has surged to become the most valuable company in the world, surpassing Alphabet, Amazon, Apple and Microsoft.
Amazon, Google and Microsoft all rely on Nvidia's chips to power data centres needed for training AI models and cloud computing services.
Investment in the market is projected to grow even further. A report from the International Data Corporation estimates growth in the AI infrastructure market is poised to surpass $200 billion in spending by 2028.
This comes after companies increased their spending on compute and hardware infrastructure for AI deployments by 97 per cent on an annual basis in the first half of 2024.
The company had reported a first-quarter profit of $18.8 billion this year, shaking off tariff fears, in May. It reported a revenue of $44.1 billion, an increase of 69 per cent from the same time last year.
In May, Nvidia teamed up with Oracle and Open AI to join forces with Abu Dhabi's G42 and establish an AI hub aimed at accelerating the technology's local development.
In March, Nvidia and xAI joined the MGX-backed AI Infrastructrure Partnership that seeks to raise up to $100 billion to enhance the future of AI to develop new data centres. The partnership also seeks to increase the capabilities of existing data centres in the US and elsewhere.
“Countries around the world are recognising AI as essential infrastructure – just like electricity and the internet – and Nvidia stands at the centre of this profound transformation,” chief executive Jensen Huang said on the company's earnings call at the time.
Those earnings came as Nvidia said it had to absorb a $4.5 billion charge because of US export controls on China.
“The $50 billion China market is effectively closed to US industry,” Mr Huang said.
Nvidia is due to report second-quarter earnings next month.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Company%20Profile
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
