Nvidia’s Market Value Soars by $2 Trillion in 2024 Amid AI Surge

Nvidia (NVDA.O) has emerged as the biggest gainer in market capitalization for 2024, according to Reuters, fueled by skyrocketing demand for artificial intelligence (AI) and its cutting-edge AI-centric chips. The chipmaker’s market value soared by over $2 trillion, closing the year at a staggering $3.28 trillion, making it the second-most valuable publicly traded company worldwide, up from $1.2 trillion at the end of 2023.

In contrast, Apple (AAPL.O) maintained its lead as the world’s most valuable company, approaching a historic $4 trillion valuation. Apple’s growth was driven by investor optimism surrounding its AI advancements, expected to reinvigorate sales of its iPhones.

At the close of 2024, Microsoft (MSFT.O) ranked third with a market value of $3.1 trillion, while Alphabet Inc. (GOOGL.O) and Amazon (AMZN.O) rounded out the top five, both valued at approximately $2.3 trillion.

The stellar performances of these tech giants helped propel major stock indexes, with the S&P 500 climbing 23.3% and the Nasdaq surging 28.6% in 2024.