With a market valuation of over $2 trillion, Nvidia has reached a new high in its quick rise to the top of the list of most valuable firms in the world.
The Silicon Valley company’s shares increased by over 4% during Friday’s morning trading before slightly declining. Following the company’s spectacular earnings report this week, the gains continued to rise.
Advancements in artificial intelligence are profiting the company by increasing the demand for its processors. The company’s turnover more than doubled to almost $60 billion last year, and this week, CEO Jensen Huang informed investors that demand was “surging” globally.
The business, which was valued at $1 trillion less than a year ago, is currently the fourth most valuable publicly traded firm in the world, behind Apple, Microsoft, and Saudi Aramco. The company’s market capitalization finished the day just less than $2 trillion as shares fell from their early Friday highs.
Nvidia was first recognized for producing computer processors that processed graphics, especially for computer games, when it was founded in 1993. It began incorporating machine learning-supporting technologies into its chips well before the AI revolution, an investment that has helped it increase its market dominance.
To keep a tab on how wide AI-powered technology is being used in business, this company is becoming increasingly important to keep an eye on.
