Nvidia, a leading software company, has become the world’s most valuable company, surpassing tech giant Apple. Its stock price surged by 2.5% on Tuesday, pushing its market value to a whopping $3.44 trillion.
AI Fuels Nvidia’s Success
Nvidia’s incredible growth can be attributed to its investment in chips that power artificial intelligence (AI) technology. The company has benefited from the rapid expansion of the AI and machine learning space, which has seen a staggering 850% growth.
Nvidia’s chips are in high demand, as they are used by major tech companies like Amazon, Alphabet, Meta, and even Microsoft. Analysts predict that Nvidia’s revenue will continue to grow, with an estimated 44% increase next year.
AI Coins Ride the Wave
Nvidia’s success has also boosted the value of several AI-related cryptocurrencies. For example, the NEAR protocol saw a 5.40% jump, reaching a price of $3.81 with a trading volume of over $222 million. The Internet Computer also experienced a surge, gaining 5% in value with a market volume of $57 million.
Other AI coins like Bittensor and Artificial Superintelligence are also seeing significant gains, reflecting the growing interest in the AI sector.
AI’s Growing Influence on Wall Street
Nvidia’s dominance and the rising popularity of AI coins highlight the increasing influence of AI on Wall Street. Top companies like Amazon, Microsoft, Meta, and Alphabet are all investing heavily in AI technology, and Nvidia is at the forefront of this revolution.
Analysts expect Nvidia and AI coins to continue their upward trajectory in the short term. Nvidia currently accounts for 7% of the US S&P 500 Index weight, and its stock is one of the top performers of the year.
