NVIDIA’s record valuation confirms AI is in replacing Apple and wireless
But unless you’ve been Rip Van Winkling your way through the last few years, you know that mobile/wireless is no longer the hottest thing in the tech universe. That’s not to say that wireless isn’t still important. But for the last couple of years, the public and tech experts have become infatuated with Artificial Intelligence. And that change in leadership was finally acknowledged by Wall Street today when NVIDIA became the first U.S. publicly traded company to hit the $4 trillion mark in valuation.
Microsoft, which has invested $13 billion into ChatGPT operator OpenAI, is valued at $3.74 billion. Apple is well behind with a valuation of $3.15 billion. NVIDIA hit the $4 trillion mark for a brief time on Wednesday before it pulled back to close at $162.88, giving the company a value of $3.97 trillion. Earlier in the day, the stock made a 52 week high at $164.42.
NVIDIA overtakes Apple to become the most valuable U.S. publicly traded company. | Image credit-Google
Of course, NVIDIA won’t always stay in its current position. Sometime in the future, AI will be replaced by the next big thing. But for now, these are still the early days of AI, and Apple is no longer the must-own stock that has to be in the portfolio of every hedge fund. What this shows is that the wireless industry has matured and is slowing down. It is now AI’s time in the spotlight.
