😱😵💫Chipmaker Nvidia is nearly as valuable as the entire Canadian economy. Here's why
Jensen Huang, CEO of #Nvidia holds one of the company's high-end modules at the 2017 CES trade show in Las Vegas. Products like this are critical for artificial intelligence systems around the world.
Technology giant Nvidia is reaching new heights thanks to the demand for products connected to artificial intelligence, taking the chipmaker to a market capitalization approaching that of the entire Canadian economy this week.
The California-based company briefly reached $US2 trillion in total value, or market capitalisation, for the first time on Friday, based on insatiable demand for its semiconductors and chips.
According to the International Monetary Fund, the entire Canadian economy, measured by GDP, was worth US$2.12 trillion in 2023.
Less than a year ago, Nvidia was worth about US$1 trillion. Its growth over the past eight months has been Decried as the fastest among U.S. companies. Nvidia has grown from $1 trillion to $ 2 trillion in less than half the time that tech giants Apple and #Microsoft have spent.
The milestone followed another bumper revenue forecast on Thursday that boosted the market capitalisation by $US277 billion — Wall Street's biggest one-day gain on record.
Until Friday, Nvidia's market capitalization (its total value on the stock market) was higher than Amazon or Google's parent company Alphabet.
"Demand is growing worldwide across companies, industries and countries," founder and CEO Jensen Huang said in a statement with the company's latest financial results Dec.
