A year ago, few people had heard of it. Now it's the most valuable company in the world

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As the AI race accelerates, this once-unknown company's fortunes have soared. Now it's listed alongside the likes of Apple and Microsoft as one of the most valuable technology companies in the world.

For years, Apple and Microsoft had been the top two most valuable companies in the world. On Tuesday, Nvidia rose above both. With a value of more than $3 trillion, the tech company de-throned Microsoft, after having overtaken Apple's value earlier in June. For the average person, Nvidia is a name that has seemingly appeared out of nowhere. The company, which makes specialised microchips, was not well known just a year ago.

Demand for Nvidia’s top-of-the-line processors has this year far outstripped supply as Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the emerging technology. Virtually all artificial intelligence applications, including OpenAI's ChatGPT, rely on Nvidia's high-end chips, which are manufactured in Taiwan.

 

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