Daniel Ives, an analyst at Wedbush Securities, said: “We believe over the next year the race to $4 trillion market cap in tech will be front and centre between Nvidia, Apple, and Microsoft.”
He added that Nvidia’s chips should be seen as “the new gold or oil” as companies adopt AI.
Nvidia, Microsoft and Apple have been vying for the title of world’s most valuable company for weeks. Last Wednesday,
Apple briefly overtook Microsoft to claim the title after unveiling updates to its iPhone software that will be powered by artificial intelligence (AI).
Microsoft, meanwhile, has been propelled higher after investing in ChatGPI-maker OpenAI and incorporating AI features into Windows.
Nvidia executives have cashed in on the company’s huge stock rally. Bloomberg reported that they have sold about 770,000 shares this year totalling more than $700m. Last week, Jensen Huang, Nvidia’s chief executive, sold $31m worth of stock, according to a regulator filing.
Nvidia declined to comment on the share sales.