On Tuesday Nvidia’s share price rallied over 3% making the chip manufacturer the world’s most valuable company by market share capitalization among public corporations. dethroning the global tech company Microsoft. Nvidia’s shares went up by 3.5% to $135.58, increasing its market value by over $110 billion to $3.335 trillion. This happened just a few days after it surpassed Apple to become the second most valuable company.
Recent stock performance:
Shares of Microsoft and Apple, the second and third most valuable companies, dropped by 0.45% and 1.1%, respectively. Nvidia’s stock price increased, which has pushed the S&P 500 and Nasdaq indexes to record highs, continuing to go up. Nvidia’s graphics processing units or (GPUs) are essential for AI development. Nvidia also controls about 80 percent of the market for AI chips used in data centers needed to run AI models such as OpenAI’s ChatGPT.
Overview of NVIDIA’s products:
NVIDIA is famous for making powerful graphics cards used in gaming, professional work, and data centers. They are also known for their technology in artificial intelligence, self-driving cars, and their software that helps developers use their graphics cards for more than just graphics.
Nvidia’s products include NVIDIA RTX, NVIDIA DGX Systems(computing systems designed for AI research), NVIDIA Jetson(developer kits used for embedded applications, and robotics) and NVIDIA Drive(An End-to-End Autonomous Vehicle Development Platform).
Historical stock performance:
Since it started selling stock in 1999, NVIDIA’s shares have increased by 591,078%. If someone invested $10,000 in NVIDIA back then, their shares would be worth $59,107,800 today.
For many years, NVIDIA mainly made chips for computer games. NVIDIA’s market value grew quickly from $1 trillion to $2 trillion in nine months by February. Then, it reached $3 trillion in just over three months by June.
Corporate Announcements and Events
NVIDIA has announced that its 2024 Annual Meeting of Stockholders will take place online on Wednesday, June 26th at 9 a.m. Pacific Time.
The US stock market is closed on Wednesday, June 19th for Juneteenth National Independence Day and will reopen on Thursday, June 20th.
