"Ravenous appetite for Nvidia's chips, seen as the most cutting edge in powering artificial intelligence products and software, is the main reason that the company's stock price has increased so rapidly since early 2023. The US stock market has reached multiple record highs this week, buoyed by expansive investment in artificial intelligence. On Tuesday, Nvidia's CEO, Jensen Huang, disclosed $500bn in chip orders."
"Nvidia has become the world's first $5tn company as the artificial intelligence industry and wider US stock market boom. Just three months ago, the Silicon Valley chipmaker was the first to break through the barrier of $4tn in market value. In comparison, Nvidia's value is greater than the GDP of India, Japan and the United Kingdom, according to the International Monetary Fund (IMF)."
"Last month, Nvidia announced that it will invest $100bn in OpenAI as part of a partnership that will add at least 10 gigawatts of Nvidia AI datacenters to ramp up the computing power for the owner of the artificial intelligence chatbot ChatGPT. Huang and Nvidia have also gained the backing of Donald Trump, who called the CEO an incredible guy during a speech in South Korea on Wednesday."
Nvidia achieved a market capitalization of about $5.05 trillion after shares reached $207.86 with 24.3 billion shares outstanding. The company’s value now exceeds the GDPs of India, Japan and the United Kingdom. Rapid stock gains were driven by intense demand for Nvidia’s advanced AI chips, disclosed chip orders of $500 billion, and broad investor enthusiasm for AI. Nvidia announced partnerships with Uber on robotaxis, a $1 billion investment in Nokia for 6G collaboration, and work with the US Department of Energy to build seven AI supercomputers. Nvidia committed to invest $100 billion in OpenAI to add at least 10 gigawatts of AI datacenters, and political leaders publicly praised the CEO.
Read at www.theguardian.com
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