Nvidia became the world’s most valuable company in June 2024, driven by demand for artificial-intelligence processors.
Nvidia’s graphics processing units, or GPUs, became central to training and running large artificial-intelligence models. Its CUDA software platform also encouraged developers to build applications around Nvidia hardware, strengthening the company’s position beyond the chips themselves. Rapidly rising demand led investors to revalue Nvidia dramatically.
In June 2024, Nvidia’s market capitalization briefly exceeded those of Microsoft and Apple. Its shares had also undergone a ten-for-one stock split that month. A stock split increases the number of shares and reduces the price per share proportionally; it does not by itself change the company’s market capitalization.
Nvidia was originally known primarily for graphics chips used in computers and video games. Its role in AI data centers transformed that perception. Market-cap rankings can change quickly because they use live share prices, so a company’s position at one moment may not remain its position at the end of the trading day.