Atlas record: https://www.aitimeline.dev/en/events/evt-0301/
Milestone · June 18, 2024
NVIDIA becomes the most valuable company in the world
NVIDIA's share closed at 135.58 dollars, 3.5 per cent up on the day before. By the press's count its market value reached 3.34 trillion dollars, passing Microsoft to make it the most valuable public company in the world.
Why it matters
Money named the bottleneck of the field for the first time: not models and not data, but the chips they are computed on.
From 30 November 2022, the day ChatGPT came out, the share price, adjusted for the ten-for-one split, rose from 16.92 to 135.58 dollars, eightfold. The revenue came not from games but from data centres: in the quarter to 28 April 2024 NVIDIA took 22.6 billion dollars from data centres and 2.6 billion from gaming. CNBC put NVIDIA's share of the data-centre AI chip market at 80 per cent. That made the company the bottleneck of the whole industry and turned access to compute into a geopolitical question, with export restrictions on these chips becoming an instrument of policy in their own right. The closing price is the exchange's. NVIDIA's quarterly reports count, adjusted for the split, 24,598 million shares on 28 April 2024 and 24,562 million on 28 July; at 135.58 dollars either count gives 3.33 trillion, the press's figure to within rounding. The passing of Microsoft remains the press's comparison.
Event record
- Event date
- June 18, 2024
- Timeline date
- Event date
- Verification
- Sources gathered automatically · September 27, 2026
- Lines
- ID
- evt-0301
Closing price of 18 June 2024.
Sources
- primary NVIDIA Corporation Common Stock (NVDA) Historical Data
Nasdaq
- primary NVIDIA Announces Financial Results for First Quarter Fiscal 2025
NVIDIA · Published May 22, 2024
- primary NVIDIA Corporation, Form 10-Q for the quarterly period ended April 28, 2024
NVIDIA (document linked from the SEC filings list of investor.nvidia.com) · Published May 29, 2024
- primary NVIDIA Corporation, Form 10-Q for the quarterly period ended July 28, 2024
NVIDIA (document linked from the SEC filings list of investor.nvidia.com) · Published August 28, 2024
- secondary CNBC Daily Open: Nvidia takes Microsoft's crown as most valuable company
CNBC (syndicated copy on NBC DFW) · Published June 18, 2024
- secondary Nvidia passes Microsoft in market cap to be most valuable public company
CNBC · Published June 2024
- secondary Nvidia becomes world’s most valuable company, dethroning Microsoft
Al Jazeera · Published June 19, 2024
Related events
Earlier
- Related Blackwell 2024
The generation of accelerators announced three months earlier was what this valuation was about.
- Related NVIDIA H100 2022
Demand for these accelerators in particular produced the revenue behind the valuation.
- Related Deep networks on graphics processors 2009
The company whose gaming cards accidentally became the tool for training networks ended up at the top of the market.
Later
- Related Stargate 2025links to this record
The chipmaker's valuation and the size of this programme measure the same bottleneck.
- Contrasts Seventeen per cent in a day 2025links to this record
The same company, the same measure, and the largest single-day loss in history.
- Extends The first four trillion 2025links to this record
The same company, the next threshold, a year later.