FILE PHOTO: A NVIDIA logo is shown at SIGGRAPH 2017 in Los Angeles, California, U.S. July 31, 2017. REUTERS/Mike Blake/File Photo:Nvidia became the world's most valuable company on Tuesday, dethroning tech heavyweight Microsoft, as its chips continue to play a central role in a race to dominate the market for artificial intelligence.
Shares of the chipmaker climbed 3.2 per cent to $135.21, lifting its market capitalization to $3.326 trillion, just days after overtaking iPhone maker Apple AAPL.O to become the second most valuable company. The stock has surged about 173 per cent so far this year, compared with a rise of about 19 per cent in Microsoft shares.
“AI, and generative AI in particular, is pretty clearly going to have a massive impact on a large number of industries. The broader question is they've not had to face significant competition up until now, and it will be interesting to see how well the company does as competition and choices increase.”
“Up until now, if you weren’t buying an Nvidia chip, you weren't buying a chip designed to support AI, and that's changing rapidly.”"There's been a lot of strong not only hedge fund buying but also broader retail buying in Nvidia. That's likely to continue given the tools that are out there in very specific thematic funds and leveraged funds. This run might continue until we do see a slowdown in the pace of its earnings growth.
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