NVIDIA (NVDA, Financial) has once again become the world's most valuable publicly traded company, surpassing Microsoft. The AI chipmaker's stock rose approximately 3% to $141.40, with its market value reaching $3.45 trillion. This marks a significant increase of nearly 24% over the past month, despite concerns over export controls and tariffs. Microsoft's market value stood at $3.44 trillion.
Since June of last year, NVIDIA, along with Apple and Microsoft, has been frequently exchanging the top position in market value rankings. The last time NVIDIA held this position was on January 24. NVIDIA and other chip stocks, such as Broadcom and Micron Technology, which saw increases of 3% and 4% respectively, helped boost the market. The VanEck Semiconductor ETF, which tracks a basket of chip stocks, rose by 2%.
Last week, NVIDIA reported an impressive 69% year-over-year growth in its first fiscal quarter, with adjusted earnings per share at 96 cents and sales reaching $44.06 billion. This growth is largely driven by its AI chips, which companies like OpenAI use to develop applications such as ChatGPT. Major tech firms, including Microsoft, Meta, Google, Amazon, Oracle, and xAI, are purchasing NVIDIA's AI accelerators to build larger computing clusters for advanced AI tasks.
