Computer chips maker Nvidia is now the world’s most valuable company. The tech company overtook Microsoft following a share rally that saw its stock hit an all-time high on Tuesday, June 18, 2024.
Financial reports indicated that the stock ended the day’s trading at $136 (Sh. 17,500) per share. This was a gain of 3.5 per cent.
“Tuesday’s share price rally means the market now values the company at $3.34 trillion, with the price having nearly doubled since the start of this year. Eight years ago, the stock was worth less than 1 per cent of its current price,” the BBC reported.
Nvidia Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, and incorporated in Delaware. It was founded on April 5, 1993 by Jensen Huang (CEO as of 2024), a Taiwanese-American electrical engineer.
The company describes itself as a software and fabless company which designs and supplies graphics processing units (GPUs), application programming interfaces (APIs) for data science and high-performance computing, as well as system on a chip units (SoCs) for the mobile computing and automotive market.
Nvidia is also a dominant supplier of artificial intelligence (AI) hardware and software. A spot check on its official website shows that more than 40,000 companies use NVIDIA AI technologies, with 15,000 global startups in NVIDIA Inception.
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In February 2024, Nvidia introduced two new graphics cards designed to run artificial intelligence (AI)applications locally on a laptop, which could advance the chipmaker’s position as AI is further adopted into the workplace.
The company announced the RTX 500 and 1000 Ada Generation Laptop graphics processing units (GPUs) that are optimized to run generative AI (GenAI) applications locally.
“The higher level of AI acceleration delivered by the GPU is useful for tackling a wide range of AI-based tasks, such as video conferencing with high-quality AI effects, streaming videos with AI upscaling, or working faster with generative AI and content creation applications,” Nvidia said in a release.