In the past, the only companies that had managed to end a trading day with a market capitalization exceeding two trillion dollars were Apple and Microsoft. However, this record was recently shattered by Alphabet, the parent company of Google. Alphabet managed to exceed the two trillion dollar market capitalization barrier during a single trading day. In the current market scenario, Microsoft is valued at a staggering three trillion dollars. Apple, on the other hand, recently experienced a dip and its valuation fell below the three trillion dollar mark.
ADDITIONAL INSIGHT. Nvidia, a prominent player in the Tech industry, saw its sales skyrocket by 265 percent. This impressive increase is the result of high demand for AI technologies.
The soaring price of Nvidia is attributed to its specialized chips that are designed for AI applications. Nvidia’s cutting-edge technology is extensively used for training complex AI programs. So far, the company’s rivals have struggled to make significant inroads into this market. Reflective of the company’s success, the share price of the chipmaker has already increased by more than 60 percent since the start of the year.
