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Home DisruptiveTECH

Nvidia Market Cap Surges to $3.4 Trillion as AI Demand Surges

by Joan Aimuengheuwa
October 15, 2024
in DisruptiveTECH
0
Nvidia Market Cap Surges to $3.4 Trillion as AI Demand Surges
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Nvidia stock reached a new peak on Monday, closing at $138.07, a 2.4% rise. 

This surge follows a 180% increase in share value this year alone, with a commendable climb from its earlier high of $135.58 in June. 

Since the start of 2023, Nvidia’s shares have multiplied more than nine-fold, booming in the artificial intelligence (AI) hardware market.

The company’s success is closely tied to the ongoing demand for AI infrastructure, particularly from major tech companies such as Microsoft, Meta, Google, and Amazon. 

These firms are investing in Nvidia’s advanced graphics processing units (GPUs), which are essential in developing and deploying sophisticated AI systems. 

The appetite for AI has only grown since the introduction of applications like OpenAI’s ChatGPT, making Nvidia a primary supplier of AI training and inference chips.

Nvidia holds a dominant share of this market, controlling nearly 95%, according to experts at Mizuho. While tech giants prepare to announce their third-quarter earnings, much attention is focused on how their AI spending will benefit Nvidia’s future performance.

The company has seen its revenue more than double in recent quarters, tripling in some cases. However, analysts predict a slightly slower growth rate for the remainder of the year. 

Projections estimate Nvidia’s revenue will increase by 82%, reaching $32.9 billion in the quarter ending in October. Despite this expected deceleration, demand for Nvidia’s next-generation AI GPU, known as Blackwell, has been described as extraordinary, with the company anticipating substantial earnings from the product in the fourth quarter.

Nvidia’s market capitalisation now stands at $3.4 trillion, making it the second-largest publicly traded company in the U.S., trailing only Apple.

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Tags: NvidiaNvidia Market CapNvidia StockNvidia’s market capitalisationNvidia’s shares
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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