The post Nvidia Stock Soars Past UK & France’s Stock Market Cap In Unstoppable Rally appeared on BitcoinEthereumNews.com.

Nvidia (NVDA), the U.S. chipmaker, has reached a significant milestone, with its stock surpassing the market capitalizations of the entire U.K. and French stock markets. With a market capitalization of $3.34 trillion currently, Nvidia has become the world’s most valuable listed company. This marked a historic achievement in the tech industry. Nvidia Stock Witnesses Impressive Rally This meteoric rise is underscored by the company’s share price, which has nearly doubled since the beginning of the year. Moreover, the Nvidia stock attained a monthly high of $140.76 in today’s trading session. The company’s rapid ascent has seen it not only surpass the value of individual European markets but also overtake major tech giants. Earlier this month, Nvidia surpassed Apple’s market value and is now more valuable than Microsoft. The key driver behind Nvidia’s unparalleled growth is its dominance in the semiconductor industry. Specifically, in the production of chips essential for artificial intelligence (AI) applications. Analysts have referred to these chips as the “new gold or oil” of the tech sector, highlighting their critical role in the ongoing AI revolution. Chris Penrose, Nvidia’s global head of business development for telecommunications, emphasized the transformative impact of AI on businesses worldwide during a recent event in Copenhagen. “The generative AI journey is really transforming businesses and telcos around the world,” Penrose remarked. In addition, he suggested that Nvidia’s growth trajectory is just beginning. His sentiments were echoed by analysts at Wedbush Securities, who predicted a fierce race among Nvidia, Apple, and Microsoft to reach a $4 trillion market cap in the coming year. Despite the bullish outlook from many quarters, some analysts have raised concerns about the sustainability of Nvidia’s rapid growth. The increasing competition in the AI and semiconductor sectors could pose significant challenges. Nonetheless, the current market position of Nvidia reflects the…

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Filed under: News - @ June 20, 2024 11:20 pm