Nvidia stock up over 196% in 6 months as tech stocks rally on AI wave, recoup losses in 2023
breached $1 trillion in market capitalization, making it the first US chipmaker to join the trillion-dollar club. The chip manufacturer stunned investors by reporting a quarterly profit of more than $2 billion and revenue of $7 billion in May 2023, both exceeding Wall Street expectations. Nvidia is possibly most widely known for its GeForce range of PC components, such as graphics cards and drivers, and the GeForce NOW cloud gaming service.
However, the company has expertise in a much wider range of computing specialisations and services and now styles itself as the ‘world leader in AI computing’, indicating where the focus of development currently lies. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click Here Nvidia was co-founded in 1993 by Jensen Huang.
It proved more successful than its peers at developing chips that turn computer code into the realistic images that computer gamers love, and rode out a wave of consolidation that saw its rivals acquired, bankrupted or merged into larger companies. Under Huang, the company then pushed its technology into new markets, such as data center servers and artificial intelligence processing — a move that’s proving prescient today. In less than a decade, Nvidia’s data center business has grown from $300 million in annual revenue to $15 billion.
The chipmaker has won orders to equip giant computing factories by successfully arguing that graphics chips can handle AI workloads better than more standard processors. Tesla took second place with an increase in its share price of 158.58 per cent across the first six months of 2023. As a leading producer of electric vehicles when many
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