AI Boom: Nvidia becomes first public company worth $4 trillion
Nvidia, a multinational technology company designing and producing graphics processing units (GPUs) and artificial intelligence (AI), has made history by becoming the first public company to hit a $4 trillion market capitalisation on Wednesday.
As the Artificial Intelligence boom spikes demand for chips, Nvidia’s stock rose by 2.76 per cent, hitting the unprecedented $4 trillion mark.
Nvidia’s stock slightly dropped to $3.98 trillion on Thursday, still trading as the brand with the highest market capitalisation.
Though not as famous as other brands and tech companies like Microsoft, Apple, and Amazon, that are household names, Nvidia now sets the record as the company to first reach the milestone.
Founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, the renowned chip maker’s fortune hit an all-time high after it started making chips for AI.
For the first quarter of the year that ended in April, Nvidia raked in $44.1 billion in revenue—an almost 70 per cent increase from the same period last year.
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