Nvidia Hits $3 Trillion Milestone as AI Chip Leader

Breaking news: Nvidia, the tech giant known for its gaming and graphics GPUs, has now risen to become a $3 trillion company. Their shares recently closed at an all-time high, surpassing the $3 trillion mark and overtaking Apple as the second-most-valuable company in the U.S. stock market, just behind Microsoft.

Nvidia's growth has been extraordinary, particularly over the last two years. In February, it became the first chipmaker to reach a market cap of $2 trillion, and in May 2023, it had already hit the $1 trillion mark. Nvidia's success is largely due to its dominance in the artificial intelligence (AI) market. It's reported that their AI accelerators hold a staggering 70% to 95% market share for AI chips.

The company's stock has seen an increase of more than 3,224% over the past five years. Last month's first-quarter earnings show a revenue of $26 billion, tripling their earnings from the previous year. This growth trajectory shows no signs of slowing down, with plans to release a new AI chip every year - an upgrade from the previous release schedule of twice per year.

With AI technology quickly becoming a cornerstone for modern businesses, Nvidia's position as a leading chip supplier makes it a company to watch out for in the tech industry. The company's continuous innovation and market leadership mark a new era of tech growth, and its impact on the AI market is unquestionable.