U.S. chipmaker Nvidia has made history by becoming the first company in the world to reach a market value of 5 trillion dollars, driven by soaring demand for artificial intelligence technologies.
Nvidia’s share price climbed over 4% to 210.80 dollars on Tuesday, pushing its total market capitalisation to 5.1 trillion dollars.
The milestone cements Nvidia’s dominance in the global technology sector, ahead of Microsoft and Apple, valued at 4.03 trillion and 4 trillion dollars respectively.
At a company event held yesterday, Nvidia Chief Executive Jensen Huang unveiled a series of new breakthroughs in artificial intelligence.
The company announced plans to build seven AI supercomputers in collaboration with the U.S. Department of Energy and expects AI chip orders worth 500 billion dollars.
Nvidia also revealed a 1 billion dollar investment in Finnish telecom giant Nokia and confirmed partnerships with major firms including Palantir Technologies, Uber, Eli Lilly and Oracle.
Nokia shares soared on Tuesday after it announced that chipmaker Nvidia will acquire a $1 billion stake in the company.
The Finnish firm said it will issue more than 166 million new shares, with the proceeds earmarked to support its artificial intelligence initiatives and other corporate purposes.
The two companies have also agreed on a strategic partnership to jointly develop next-generation 6G technology.
They will collaborate on AI networking solutions and explore opportunities to integrate Nokia’s data centre switching and optical technologies into Nvidia’s future AI infrastructure.
The company’s meteoric rise reflects the explosive global demand for AI chips, which has seen Nvidia’s valuation surge from 2 trillion dollars in February last year to 3 trillion in June and 4 trillion in July.
With this achievement, Nvidia has not only set a new record in the technology world but also reinforced its position as the driving force behind the ongoing AI revolution.
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