Shares of Nvidia have surged to a record high once more, closing at $138.07 on Monday, leading it well on its way to becoming the world’s most valuable company again.
Per CNBC, Nvidia had recently dropped a couple of places behind long-time leaders Apple and Microsoft after a very brief period in pole position. However the chipmaker has now overtaken Microsoft once more and set its sights on top spot.
With a market cap of $3.386 trillion, Nvidia is one of only three companies to have surpassed a three-trillion-dollar valuation.
Nvidia set to be most valuable company… again
Nvidia’s early entry into the artificial intelligence (AI) chip market has allowed it to become a dominant player in the ongoing AI race, with major tech companies and market cap rivals such as Microsoft, Google, Meta and Amazon purchasing its processors to support their expanding AI infrastructure.
Nvidia shares are up 186.6% in 2024 to date, and up a staggering 2,800.6% over five years. Much of Nvidia’s success must be credited to the public preview launch of ChatGPT in November 2022, which fueled widespread interest and adoption of the technology.
In the space of twelve months, Nvidia has more than doubled its quarterly revenue to the sum of $30 billion thanks to its 95% share in the AI chips market. However, this is a long reach from Apple’s most recent quarterly revenue of $85.8 billion.
Furthermore, Nvidia’s upcoming Blackwell chips could further boost revenue as companies look to acquire more powerful components to futureproof their infrastructure, which analysts predict could reach nearly $33 billion this quarter. If true, it would mark a considerable 82% year-over-year increase.
However, despite off-the-scale figures, some investors remain cautious that optimism surrounding AI could fade, leaving Nvidia with little to hang on to.
More from TechRadar Pro
- Consider the best processors to upgrade your device
- We’ve rounded up a list of the best AI writers
- Nvidia officially becomes the world's most valuable company — now can it stay there?
