According to CryptoPotato, NVIDIA, a company highly regarded on Wall Street, now holds the title for the largest market capitalization globally, surpassing Microsoft. This achievement comes after a 3.5% increase in NVIDIA's stock price over the past 24 hours.
NVIDIA's stock has seen a significant rise throughout 2024, starting the year trading at $49.24 on January 2nd and closing yesterday's trading session at $135.58, marking an increase of approximately 175%. This stellar performance is largely attributed to the AI boom, with applications powered by artificial intelligence, such as OpenAI’s ChatGPT, driving the market for chips. NVIDIA, as the leading chipmaker, produces processors that power these AI systems, and its chips are reportedly unmatched in this capacity.
However, the battle for the top spot of the most valuable company is ongoing and the ranking changes constantly. For instance, Apple managed to become the biggest company just a few days ago, on June 13th.
The positive performance of NVIDIA's stock has also impacted certain cryptocurrencies related to the artificial intelligence category. According to CoinGecko, the entire AI category has increased by more than 12% in the past 24 hours alone. Top performers from the sector include AI cryptos such as Fetch.AI (up 28%), Ocean Protocol (up 23%), and SingularityNET (up 26%).
The cryptocurrency market, in general, is attempting to recover, but the large-cap coins are failing to note any sizeable gains. It remains to be seen whether the AI crypto rally will retain its momentum or fade in the face of broader market stagnation.