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NPR News: 06-19-2024 2AM EDT
Nvidia became the world’s most valuable company after its share price climbed to an all-time high on Tuesday, the BBC reports.
The stock ended the trading day at nearly $136, up 3.5%, making it more valuable than Microsoft. It overtook Apple earlier this month.
Nvidia makes computer chips needed for artificial intelligence (AI) software, and demand for its products has boosted its sales and profits over the last few years.
Many investors believe its earnings can grow even more, which has caused its share price to soar, though some have questioned its sky-high valuation.
Tuesday’s share price rally means the market now values the company at $3.34tn, with the price having nearly doubled since the start of this year.
Eight years ago, the stock was worth less than 1% of its current price.
Competition among AI developers is fierce. Microsoft, Google-owner Alphabet, Meta and Apple are just some of the tech heavyweights battling to create a world-beating product.
This competition benefits Nvidia, which dominates the vast majority of the AI chip market.
