Nvidia has become the world's largest company overtaking Apple with a market cap of US$3.43 trillion. This massive valuation is a result of a surge in the demand for AI technologies. AI Chips from the company power the applications of several AI and large language models like ChatGPT.
Nvidia's chips empowered AI development on both the research and commercial sides. The stock of Nvidia has appreciated by 850% since late 2022. Thus, representing the leading position of the company in AI hardware.
Nvidia is going to replace Intel in DJIA as an entrant on November 8, 2024, marking an important shift in the semiconductor industry.
The company, as per its chief executive, Jensen Huang, plays a critical role in innovation around AI. He mentioned it will soon be launching a new family of AI-focused chips akin to the H100 GPU. Its latest models "have gone insane," he added.
Although Nvidia currently remains ahead in the AI business, Apple is catching up without losing pace and developing its own AI program dubbed Apple Intelligence.
Nevertheless, Nvidia's dominance in the AI hardware market puts the company as the leader, in terms of market capitalization. However, competition in the industry is highly acute as both companies forge on into their AI ventures.