Phnom Penh (FN), Jun. 24 – Nvidia’s market cap was around $750 billion when it announced its Q1 2024 results. Revenue increased by 19%, and net income rose by 26%. However, the significant stock surge was driven by CEO Jensen Huang's forecast of a 65% revenue jump and comments on the industry shifts towards accelerated computing and generative AI. Huang highlighted a trillion-dollar opportunity as global data centers transition to accelerated computing to integrate AI into various sectors. This perspective sent Nvidia’s share price soaring.

In June 2023, Nvidia's market cap hit $1 trillion for the first time. By 1 March 2024, it closed above $2 trillion, and three months later, it surpassed $3 trillion. Recently, after a stock split, Nvidia became the most valuable company globally, surpassing Microsoft and Apple.

This article was originally published on Statista.