Fueled by the explosive global hunger for greater computing horsepower in artificial intelligence, Nvidia on Tuesday surpassed Microsoft to become the most valuable company on the planet.
With Nvidia (NVDA) stock trading at $135.87 as of writing, the company has a market capitalization of $3.34 trillion, according to Yahoo Finance. A 3.7% rise early in the day put the California-based company ahead of Microsoft, which remains a close second with a $3.33 trillion market capitalization.
Microsoft (MSFT) is down 0.53% for the day, trading at $446.00. Rounding out the top three is Apple, which currently has a market capitalization of $3.28 trillion. Apple (AAPL) is down 1.26% for the day and trading at $213.91.
NVIDIA is the now the most valuable company in the world.
Wild chart. pic.twitter.com/q2huOpAgKl
— Pomp 🌪 (@APompliano) June 18, 2024
The milestone came as Nvidia announced a partnership with Hewlett Packard, launching NVIDIA AI Computing and Private Cloud AI with the legacy tech firm.
“Generative AI and accelerated computing are fueling a fundamental transformation as every industry races to join the industrial revolution,” NVIDIA CEO Jensen Huang said in a statement, saying the HP collaboration would “equip enterprise clients and AI professionals with the most advanced computing infrastructure and services to expand the frontier of AI.”
In January, Nvidia flipped Apple to take second place behind Windows developer Microsoft. In February, Nvidia reported $22.1 billion in revenue from the fourth quarter of 2023, which was 265% higher than the year before.
Fueling Nvidia’s rise to the top was not only a profitable 2023 but a focus on serving the massive demand for computing power with optimized chips like the new Blackwell GPU, which the company announced in March, as well as projects with rival AI developers including Google, Meta, Microsoft, and OpenAI, using Nvidia technology.
Nvidia also highlighted advances it was making in the field of robotics.
“We are starting to do some really great work in the next generation of robotics,” Huang said at the time. “The next generation of robotics will likely be humanoid robotics, [and] we now have the necessary technology to imagine generalized human robotics.”
With sci-fi inspired project names like Gr00t and Jetson Thor, the company said it was partnering with manufacturing and automotive companies.
“Everything that moves will be robotic, there’s no question about that, it’s safer, it’s more convenient,” Huang explained.
Nvidia declined to respond to a request for comment from Decrypt.
Edited by Ryan Ozawa.