Nvidia’s surging stock price has made co-founder and chief executive officer Jensen Huang one of the world’s richest people.Credit:Bloomberg
Earlier in the month,Nvidia capped Apple by market value for the first time since 2002,and the two went back and forth in rankings in recent days. Last week,Apple also overtook Microsoft to trade in the top spot briefly.
The ranking is yet another reminder that AI is the top focus of many investors. Nvidia is seen as the biggest and earliest beneficiary of the technology as it dominates the market with its highly sought-after chips that help power data centres running complex computing tasks required by AI applications. Demand for itsH100 accelerators are surging and helped drive the chipmaker’s sales up by more than 125 per cent last year.
Loading
Microsoft,for its part,is also seen as an early AI winner given its investment andpartnership with OpenAI,which created ChatGPT. And,this week,Apple shares rallied after the iPhone maker finallyunveiled its plan for using the technology,appeasing investors at long last.
“We believe over the next year the race to $US4 trillion market cap in tech will be front and centre between Nvidia,Apple,and Microsoft,” Daniel Ives,analyst at Wedbush Securities,wrote in a note.
Nvidia’s surging stock price has made co-founder and chief executive officer Jensen Huang one of the world’s richest people. His net worth has climbed more than $US70 billion since the beginning of the year to $US115 billion,putting him in 12th place on the Bloomberg Billionaires Index. That’s the biggest gain among his billionaire peers.
Investors,alongside Huang,argue that Nvidia is more than a chipmaker.