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NVIDIA’s Stock Surges 100% in AI Craze, Becomes World’s 7th Largest Company

NVIDIA's stock has surged by 100% this year, boosted by the AI craze surrounding ChatGPT, making it the world's 7th largest company.
Tyler LeebyTyler Lee
May 3, 2023 12:30 am KST

The demand for artificial intelligence (AI) has been surging, with companies racing to produce the best AI-optimized chips. NVIDIA, a semiconductor producer specializing in graphics processing units (GPUs), has benefited greatly from this trend, with its stock surging by 100% this year alone.

As of May 2nd, NVIDIA’s stock is trading at $282.10, with a market capitalization of $696.7 billion, making it the world’s 7th largest company by market cap.

The top seven companies by market cap are led by Apple, with a market cap exceeding $2.5 trillion, followed by Microsoft, Saudi Aramco, Alphabet (Google’s parent company), Amazon, Berkshire Hathaway, and NVIDIA.

NVIDIA’s GPUs have been widely recognized as the best fit for running machine learning algorithms in AI, which has led to a surge in demand for NVIDIA’s AI chips.

Despite the overall downturn in the semiconductor industry, NVIDIA has been able to maintain its strong position in the market by producing chips that are specialized for AI.

Jensen Huang, NVIDIA’s CEO, emphasized the company’s future in AI during a press conference in February, stating that “the future of our company is ChatGPT.” Huang predicted that chatbots like OpenAI’s ChatGPT, Microsoft’s Bing, and Google’s BERT will dominate the IT industry in the future, leading to a surge in demand for more powerful and AI-optimized chips.

Huang also highlighted that the computing power required for AI is much greater than traditional computing, opening up enormous market potential for NVIDIA.

While Investor Business Daily recommends buying NVIDIA stock, caution should be exercised due to macroeconomic uncertainty and the risk of a global economic slowdown.

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Tyler Lee

Tyler Lee

I strive to offer expert analysis and valuable insights to help readers navigate the complex world of finance.

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