Chip-maker Nvidia has become the world’s most valuable company after its share price hit a record high on Tuesday.
The company is now worth $3.34 trillion (£2.63 trillion), with its stock price nearly doubling since the beginning of this year.
This milestone comes shortly after Nvidia surpassed Apple to become the world’s second most valuable company in recent weeks.
Nvidia Surpasses Microsoft
Nvidia’s stock price has soared nearly 182% this year, following a more than threefold increase in 2023.
Controlling about 80% of the AI chip market for data centers, Nvidia plays a key role in running AI models like OpenAI’s ChatGPT.
Since its stock market debut in 1999, Nvidia’s shares have surged by 591,078 percent.
AI Dominance
Nvidia focused on producing chips for computer games but the equation changed.
The company’s rapid rise has been driven by its dominance in providing chips essential for artificial intelligence, which analysts describe as the “new gold or oil in the tech sector.”
