Nvidia becomes globe`s most treasured firm
(MENAFN) On Tuesday, Nvidia became the most valuable company in the world as its valuation soared past USD3.33 trillion, overtaking Microsoft. Just two weeks earlier, Nvidia had surpassed Apple to claim the number two spot. Nvidia's stock price surged by 3.5 percent in early trading, reaching an all-time high of USD135.58 per share. In contrast, Microsoft's shares dipped by 0.45 percent, bringing its market cap to USD3.32 trillion.
Both Nvidia and Microsoft are major players in the rapidly growing field of artificial intelligence. Nvidia is the leading supplier of AI chips and integrated software for the tech industry, while Microsoft holds the title of the largest investor in OpenAI, the maker of ChatGPT.
Apple also experienced a decline on Tuesday, with its shares dropping by 1.1 percent, reducing the iPhone maker’s market cap to USD3.29 trillion.
Earlier this month, Nvidia completed a ten-for-one stock split, making its shares more accessible to small investors. The United States-based company reached a market cap of USD1 trillion a year ago and hit USD3 trillion on June 5, marking the fastest growth in history, driven by the AI boom. Many investors are optimistic that Nvidia's value will continue to climb.
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