Nvidia beats Microsoft to become world's most valuable company
How has Nvidia's share price changed since the beginning of the year?
Nvidia's share price has nearly doubled since the beginning of the year, reaching an all-time high and making the company the world's most valuable with a worth of $3.34tn. The increase has been driven by the firm's dominance in the AI chip market, as it benefits from a boom in demand for chips that train and run generative AI models.
How does Nvidia benefit from the intense competition among major tech companies in developing AI technologies?
Nvidia benefits from the intense competition among major tech companies in developing AI technologies because it dominates the vast majority of the AI chip market. As companies like Microsoft, Google, Meta, and Apple compete to create world-beating AI products, they rely on Nvidia's chips to train and run their AI models. This increasing demand for AI chips has driven Nvidia's share price to new heights and made it the world's most valuable company.
What did Chris Penrose, global head of business development for telco at Nvidia, say about the company's future in the AI sector?
Chris Penrose, global head of business development for telco at Nvidia, said that the company's record valuation is the culmination of over 30 years of work in computing and AI. He also predicted further growth in the sector, stating that the generative AI journey is transforming businesses and telcos around the world, and that "we're just at the beginning."