As NVIDIA topples Apple to become worlds second largest firm, know eventful journey of $3 trillion chipmaker giant
AI-focused NVIDIA on Wednesday (June 5, 2024) surpassed Apple to become the world's second most valuable company. The chipmaker giant hit a $3 trillion market cap on Wednesday and it now stands behind the top-ranker software giant Microsoft. Among the top companies in the world by market value, Microsoft has a $3.151 lakh crore m-cap, Nvidia has $3.011 lakh crore, while Apple has $3.003 lakh crore. Let's go through NVIDIA's Market Trend:
July 2021
Achieves $2 trillion market cap in just 9 months
May 2023
Surges to $1 trillion market cap in 22 months
February 2024
Achieves $2 trillion market cap in just 9 months
June 2024
Hits the $3 trillion milestone in a remarkable 3 months
Top Companies by Market Value
Microsoft leads with a market cap of $3.151 trillion NVIDIA follows closely behind at $3.011 trillion Apple trails slightly at $3.003 trillion
What's driving NVIDIA's optimism?
Well, it's been dominating the scene, capturing over 80% of the market share in AI chips tailored for data centers. Plus, with giants like Microsoft, Meta, Google, and Amazon all vying to roll out AI products, NVIDIA sees a lucrative opportunity on the horizon. The surge in demand for GPU-based servers only sweetens the deal, further fueling the company's growth. Additionally, the Indian government's ambitious plan to procure 10,000 GPUs within the next 18-24 months is a significant boon, aimed at enhancing India's AI capabilities. With a hefty allocation of Rs 10,372 crore for the India AI Mission over the next 5 years, the stage is set for NVIDIA to capitalize on this momentum.