How Nvidia became the king chipmaker, from a Denny's to $2.3T market cap

Wall Street is eagerly awaiting the latest earnings report Wednesday from Nvidia, which has experienced rapid growth amid the boom in artificial intelligence technology. Nvidia has grown to become the third-largest publicly-traded U.S. company by market cap on the strength of its dominance of the AI chip market. Estimates suggest Nvidia's market share in the highly sought-after AI chips is at least 80%, with demand for the semiconductors used to train AI models continuing to rise.

few years after its launch, Nvidia fell on challenging times after a setback in developing the graphics card for the Sega Dreamcast video game platform. It had little financial headroom and laid off over half its employees. WHAT IS ARTIFICIAL INTELLIGENCE ? Despite the setback, an investment from Sega America CEO Shoichiro Irimajiri gave Nvidia and CEO Huang a lifeline that allowed it to refocus on a new line of graphics products.

As of Tuesday's close, Nvidia stock is trading at $953.86 a share, a 232,548% increase from the time of its initial public offering in January 1999. Over the last five years, its stock is up 2,528%. And, over the last year, it has gained nearly 206%. Thus far in 2024, Nvidia's stock has risen 98%. Beth Kindig, I/O Fund's lead tech analyst, told FOX Business Network's "Making Money With Charles Payne" Nvidia is poised for more success in the near future.

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