Nvidia Corp’s stock closed at its highest level ever on Monday, putting the AI chipmaker closer to dethroning Apple as the world’s most valuable company. Nvidia’s stock rose 2.4% to $138.07, helped by investor expectations of high demand for the company’s current and next-generation AI chips.
Nvidia now has a market capitalization of $3.39 trillion, trailing only Apple ($3.52 trillion) and surpassing Microsoft ($3.12 trillion). Nvidia’s rapid development is the result of intense competition among large technology giants such as Alphabet, Microsoft, and Amazon to dominate the emerging AI market. Nvidia’s shares jumped 2.4% to $138.07, boosted by investor optimism about strong demand for the company’s current and next-generation AI chips.
With a market value of $3.39 trillion, Nvidia currently follows only Apple ($3.52 trillion) and exceeds Microsoft ($3.12 trillion). Nvidia’s rapid development coincides with fierce competition among major technology giants such as Alphabet, Microsoft, and Amazon to control the growing AI field.
Adding to the positive prognosis, Taiwan Semiconductor Manufacturing Co, Nvidia’s contract manufacturer, is expected to report a 40% increase in quarterly profit this week, owing to increased demand for AI chips. According to LSEG statistics, Nvidia’s annual income is expected to more than double to approximately $126 billion as a result of investments in AI data centers.