Yesterday, on Tuesday, shares of chipmaker Nvidia rose by about 3% to $141.4, and the company again topped the ranking by market capitalization among public companies, reports CNBC.
As a result of trading on Tuesday, Nvidia's market capitalization reached $3.45 trillion, while Microsoft's was $3.44 trillion.
Since June of last year, Nvidia has alternated in the top spot of the ranking with Apple and Microsoft. The last time Nvidia was the most valuable company was on January 24.
Nvidia's growth was supported by other chipmakers: shares of Broadcom jumped by 3%, Micron Technology by 4%, and the VanEck Semiconductor ETF increased by 2%.
Last week, Nvidia reported adjusted earnings of 96 cents per share on revenue of $44.06 billion in the first financial quarter, which is 69% higher than a year ago.
Nvidia's success is largely explained by the demand for its AI chips, which are used, in particular, by OpenAI to create products like ChatGPT. Major tech companies — Microsoft, Meta*, Google, Amazon, Oracle, and xAI — are purchasing Nvidia accelerators in large volumes to build increasingly powerful clusters for advanced AI tasks.
