Nvidia was on track to become the most valuable company in history on Thursday, with the chipmaker’s market capitalization reaching $3.92 trillion as Wall Street doubled down on optimism about AI, News.az reports citing BBC.
Shares of the leading designer of high-end AI chips were up 2.2% at $160.6 in morning trading, giving the company a higher market capitalization than Apple (NASDAQ:AAPL)’s record closing value of $3.915 trillion on December 26, 2024.
Nvidia (NASDAQ:NVDA)’s newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, tech company.
Microsoft (NASDAQ:MSFT) is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.4% on $498.
Apple rose 0.5%, giving it a stock market value of $3.19 trillion, in third place.
A race among Microsoft, Amazon.com (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA) to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia’s high-end processors.
The stock market value of Nvidia, whose core technology was developed to power video games, has nearly octupled over the past four years from $500 billion in 2021.
Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom.
