Nvidia becomes world's most valuable company on stock market

Deutsche Tageszeitung - Nvidia becomes world's most valuable company on stock market

ECONOMY 18.06.2024

Nvidia becomes world's most valuable company on stock market / Photo: © AFP/File

Nvidia edged ahead of other tech companies Tuesday to become the world's most valuable publicly traded company in the latest sign of the might of artificial intelligence.

Change text size:

The chip company, which has enjoyed a monumental ascent over the last 18 months amid enthusiasm over generative AI, jumped 3.4 percent near 1:25 pm (1725 GMT), giving it a market capitalization of about $3.3 trillion, slightly ahead of Microsoft and Apple.

The California-based company, which is led by Jensen Huang, has seen profits soar due to torrid demand for its powerful GPU chips, which have set the industry's pace in pushing new advances in AI.

In May, Nvidia reported a net profit of $14.9 billion, while its revenue of $26 billion was almost four times what it took in during the same fiscal quarter last year.

"We believe over the next year the race to $4 trillion market cap in tech will be front and center between Nvidia, Apple, and Microsoft," said a note earlier this week from Wedbush Securities.

"Nvidia's GPU chips are in essence the new gold or oil in the tech sector as more enterprises and consumers quickly head down this path with the 4th Industrial Revolution well underway."

(N.Loginovsky--DTZ)

Metro Vancouver and Fraser Valley Home Sales Forecast to Rebound in 2027

Home sales in Metro Vancouver and the Fraser Valley are projected to increase by approximately nine percent in 2027, marking a shift from recent declines. The British Columbia Real Estate Association anticipates this modest recovery as mortgage rates fall and tariff impacts fade, though average prices will rise much more slowly due to high inventory levels.

First-time boat buyers advised to assess full ownership costs

Buying a first boat is one of those purchases that arrives with a particular quality of excitement that makes careful financial planning feel like an obstacle rather than a preparation. The boat is there, it’s the right size, it’s in reasonable condition, and the idea of being on the water by the weekend is considerably more compelling than the idea of spending another two hours reading about comparison rates.

Thames Water seeks to delay £12bn in debt repayments

Thames Water has unveiled intends to push back over around £12 billion of its debts due until March 2028 in a move giving the stricken supplier vital breathing space as it looks to secure a rescue deal. The UK’s biggest water group – which is struggling under a debt mountain of over £20 billion – stated the planned deal will extend repayments on debts that were due in March 2027 for another year.

Deutsche Tageszeitung - Nvidia becomes world's most valuable company on stock market