In 2024, the boom in artificial intelligence (AI) technology catapulted Nvidia to spectacular growth, making it the greatest gainer in market value globally. By the end of the year, Nvidia’s market value had risen to $3.28 trillion, up from $1.2 trillion at the end of 2023. According to Reuters, this considerable rise was mostly driven by strong demand for Nvidia’s AI technology.
Despite Nvidia’s excellent performance, Apple held its position as the world’s most valuable firm, with a market worth of about $4 trillion. Other tech behemoths followed, with Microsoft valued at $3.1 trillion and Alphabet and Amazon each at around $2.3 trillion.
The continuous AI boom has resulted in unprecedented development throughout the IT industry. Companies ranging from semiconductor makers to AI-powered startups have announced record sales and significant investments. This tendency was underlined in an October PYMNTS research, which noted that AI’s effect spans several sectors.
In December, HSBC Innovation Banking underscored venture funders’ rising interest in AI firms. Dave Sabow, Head of HSBC U.S. Innovation Banking, called the investment shift as “unprecedented,” with AI-focused startups raising nearly as much cash as the rest of the venture market combined.
Nvidia’s supremacy in the AI business was strengthened in 2024 thanks to breakthrough hardware and technologies. Nvidia’s Blackwell B100 and B200 GPUs, which improved generative AI capabilities and strengthened the company’s position in high-performance computing, were among the most significant breakthroughs. The business also released the $249 Jetson Orin Nano Super Developer Kit, which makes AI technology more affordable for smaller developers. Nvidia has increased its alliances across sectors to boost its market position.
Nvidia CEO Jensen Huang commented on the company’s accomplishments, pointing out that the AI sector is still in its early stages. In November, he forecast long-term development and innovation in AI, saying, “We expect this modernization and the creation of a new industry to continue for several years.”
This tremendous development demonstrates AI’s revolutionary capacity and Nvidia’s position as a pioneer in defining the future of this quickly expanding sector.
This post is based on information from an original article by PYMNTS titled “Nvidia Earns 2024’s Biggest Gain in Market Cap Amid AI Boom,” Details were also gleaned from a Reuters investigation, with additional insights from HSBC Innovation Banking. You can check out the full article here.
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