(AmericanProsperity.com) – Nvidia, which is the startup at the center of the artificial intelligence surge, is now the most valuable company. Nvidia was named the second most valuable company, just under Microsoft, but since then the AI startup has taken the number one spot.
Their market capitalization hit over three trillion dollars as shares rose over three percent. This came not long after the company was able to get above Apple on the most valuable list as well. Shares of Microsoft and Apple fell, half a percent for Microsoft and one percent for Apple. The artificial intelligence chipmaker has been steadily heading for the top since its startup debut.
Since Nvidia went public in 1999 their stock has risen over one hundred and fifty thousand percent. An investor who had put in ten thousand dollars when they started would now have almost sixty thousand dollars. Right now, Nvidia controls over eighty percent of the market for AI chips, which is the key component to being able to run artificial intelligence models like ChatGPT.
The company first began making chips for computer games. Chief Executive Jensen Huang directed the company in the 2000s to invest in developing GPUs for use in applications besides computer gaming, which set it up to capitalize off of artificial intelligence when it emerged.
This has led Huang to be one of the world’s richest men with an estimated net worth of over one hundred and seventeen billion dollars as reported by Forbes.
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