On February 14th, 2024, something momentous happened.
Nvidia, the chip and graphics card manufacturer, overtook Alphabet (the parent company of Google) as the third most valuable company on Wall Street. It did this after doing the same thing to Amazon.
So, what is fueling this surge? Artificial intelligence (AI), of course. The company is benefiting from advances in AI, which have resulted in a huge demand for its chips.
Turnover at the company more than doubled in 2023 to over $60bn, and boss Jensen Huang has told investors that demand was “surging” around the world.
Nvidia, which, less than a year ago became a $1 trillion company for the first time, is now the 4th most valuable publicly traded company, behind Microsoft, Apple, and Saudi Aramco.
Nvidia, which started life in 1993, was originally known for making the type of computer chips that process graphics, particularly for computer games.
However, long before the AI revolution, it started adding features to its chips that it says help machine learning. These additions have helped it gain market share.
All eyes are now on Nvidia to see where their powering of the AI world will go next.
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