Chipmaker Nvidia's Market Value Grew At Record Rate In January

Yolowire 2-Feb-2024 10:07 AM

Leading microchip designer %Nvidia (NASDAQ:NVDA) saw its market capitalization grow at a record pace in January, fueled by the company's expanded %ArtificialIntelligence (A.I.) products.

In fact, Nvidias market value saw its biggest monthly increase ever in January, rising by nearly $300 billion U.S. to $1.55 trillion U.S.

Nvidia first achieved a $1 trillion U.S. market capitalization last summer.

The companys stock scaled new heights in January after Nvidia unveiled new desktop graphics processors and advancements in A.I. components and software.

Nvidia currently controls about 80% of the global market for the microchips and semiconductors that power A.I. models and applications.

The growth in Nvidias market value outpaced that of %Microsoft (NASDAQ:MSFT), whose market cap grew by $159.36 billion U.S. in January, giving the software company a $3 trillion U.S. valuation.

Microsoft has surpassed %Apple (NASDAQ:AAPL) to become the worlds most valuable publicly traded company.

On the back of strong earnings and the declaration of its first dividend payment to shareholders, %MetaPlatforms (NASDAQ:META) has seen its market cap recently rise above $1 trillion U.S. for the first time since September 2021.

On the other end of the spectrum, electric vehicle maker %Tesla (NASDAQ:TSLA) lost 25% of its market value in January due to rising concerns about the companys slowing growth amid heightened competition.

In the last 12 months, Nvidias share price has risen 190%. The stock currently trades at $630.27 U.S. per share.

COMTEX_447209124/2797/2024-02-02T09:51:13