Nvidia, the renowned chipmaker, has achieved a remarkable feat this week as its market capitalization reached $1.18 trillion, surpassing the entire cryptocurrency market's valuation.
Nvidia Now Stands As The Sixth-Largest Publicly Traded Company
Nvidia, the renowned chipmaker, has achieved a remarkable feat this week as its market capitalization reached $1.18 trillion, surpassing the entire cryptocurrency market's valuation. This achievement comes as Nvidia's shares on Wall Street soared to an all-time high.
The company's outstanding financial performance was the primary factor behind Nvidia's stock price increase. Nvidia reported a net profit of $6.2 billion on total revenue of $13.5 billion for the second quarter of its fiscal year. Analyst forecasts were surpassed by these numbers, which represented a significant doubling from the same time last year.
Nvidia now stands as the sixth-largest publicly traded company, overshadowing prominent names like Tesla and Facebook. Meanwhile, the total crypto market capitalization is estimated at $1.05 trillion.
Nvidia's revenue surge is attributed to the soaring demand for its graphics processing units (GPUs), particularly for AI and generative AI models. The company's revenue for the fiscal second quarter saw a remarkable 101% increase compared to the same period last year, with an 88% growth over the previous quarter.
While the cryptocurrency market has experienced fluctuations, Nvidia's growth remains steady. The company has outperformed the price of the cryptocurrency market thanks to its concentration on AI hardware development and a significant increase in sales. According to experts, the use of practical blockchain applications in conjunction with artificial intelligence may hold the key to long-term growth in both industries.
Meanwhile, Bitcoin (BTC) price has fallen 1.76% over the past 7 days, after a sharp sell-off last week.
