Nvidia has made headlines this week by unexpectedly overtaking Apple to become the largest company by market value worldwide. On Tuesday’s trading session alone, Nvidia experienced a 2.5% share increase that propelled its market capitalization up to an astounding $3.44 trillion – surpassing Apple’s estimated valuation of $3.37 trillion by over $500 billion!
Nvidia, Microsoft and Apple have been engaged in an epic competition this year to determine who should hold the title of “World’s Most Valuable Company.” Nvidia’s rise is particularly remarkable given their significant investments into developing chips tailored for Artificial Intelligence technologies.
Nvidia’s remarkable success can be attributed to an astounding 850% growth seen in AI and machine learning sectors, sparking significant interest in cryptocurrency projects focused on AI-related industries like Internet Computer, NEAR protocol, Bittensor Injective and Artificial Superintelligence Alliance that have reported impressive returns.
Nvidia’s Ascendancy Fueled by AI Chip Demand
Nvidia stock began its astonishing rise from an initial price point of $102.83 on September 6th. Driven largely by its AI chips’ increasingly widespread use in large language models today, Nvidia’s strategic positioning within machine learning and generative AI fields led to over an 850% surge in its stock value since 2022.
Nvidia’s offerings extend well beyond the tech sector; major corporations such as Amazon, Alphabet, Meta and Microsoft rely heavily on Nvidia chips. Analysts anticipate an impressive 44% revenue increase next year for Nvidia, making its outlook brighter than ever.
AI Cryptocurrencies Contribute to Nvidia’s Market Lead
Nvidia’s outstanding performance this year can be attributed to increased chip demand and AI cryptocurrency adoption. NEAR Protocol experienced an astonishing 5.40% surge, reaching $3.81 with trading volume topping $222 Million per day; similarly, Internet Computer cryptocurrency saw its market value grow 5% year over year.
Nvidia has long held dominance in the market. Recently, AI coins such as Bittensor and Artificial Superintelligence have seen remarkable price increases on exchanges.
Wall Street is witnessing an exponentially expanding influence of AI technologies and related cryptocurrencies. High-profile companies like Amazon, Microsoft, Meta, and Alphabet are working closely with Nvidia to enhance their AI capabilities and market experts expect both Nvidia and its flourishing AI coin market will remain on an upward trajectory over time. Nvidia currently accounts for 7% of US S&P 500 Index weight; thus underscoring how integral Nvidia plays in this year’s market performance.
