Semiconductor giant NVIDIA has overtaken Microsoft as the world’s highest valued listed company. Its value rose to $3.34 trillion on Tuesday, slightly higher than Microsoft.
Over the year, NVIDIA, which is known for its graphics cards that are often used in the gaming world, has risen more than 170 percent. Tuesday’s 3.6% rise saw the company overtake Microsoft to become the world’s highest valued company.
Its market capitalization climbed to $3.34 trillion, or about $35.07 trillion, surpassing Microsoft’s $3.32 trillion, or about $34.86 trillion, CNBC reports.
Meanwhile, Apple’s shares fell 1.1% on Tuesday, giving it a market capitalization of $3.29 trillion, putting it in third place.
Founded in 1991, NVIDIA spent its first decades primarily as a hardware company selling microchips for gamers to develop 3D titles. The company has also been involved in semiconductors for cryptocurrency and subscriptions for cloud-based games.
In 2022, Wall Street and others recognized the company’s technology as the driving force behind the explosion in the AI sector, which has caused its market value to skyrocket. Since 2022, the stock has increased ninefold.
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