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20/06/24
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Nvidia Cements Position as Most Valuable Company in The World
On Thursday, Nvidia solidified its status as the most valuable company in the world after the semiconductor firm’s shares rose 2.5% to reach another record, as partners Super Micro Computer and Dell received orders for servers from Elon Musk’s AI startup.
Nvidia was on track to add about $84B to its latest closing market value of $3.34T at the current level of $138.99 per share.
Super Micro Computer and Dell Technologies gained 4.5% and 4%, respectively.
As the companies manufacture servers containing Nvidia chips, this enables them to capitalize on the soaring demand for processors that power practically all AI applications.
On Wednesday, Musk said that Super Micro and Dell were supplying server racks for xAI’s supercomputer, which will be used to extend the capabilities of Grok, its AI tool.
Earlier this year, Mush said that training the Grok 2 model required around 20K Nvidia H100 graphic processing units and that the Grok 3 model and beyond would use 100K Nvidia H100 chips.
So far this year, Nvidia’s stock price has just about tripled, powering gains in the wider market. Dell’s stock is up nearly 95% during the same period, while Super Micro shares have also more than tripled in value.
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