Nvidia slides back to second spot as Microsoft reclaims title of world's most valuable company
Nvidia's stock price dropped by 3.4% on Thursday, making Microsoft the most valuable tech company once again. Despite the overall market downturn, big tech firms continue to innovate, particularly in AI technology.
- Jun 21, 2024,
- Updated Jun 21, 2024 8:29 AM IST
Nvidia's stock price dropped 3.4 per cent on Thursday, making Microsoft the most valuable tech company again in a few days after losing its crown. Both companies are still well above the 3 trillion mark. Nvidia was ahead since Tuesday which was the first time when the chip maker managed to reach the top rank.
Apple is still close behind and is trailing in the third position. All three companies have a market cap beyond $3 trillion.
On Thursday Nvidia's stock price fell the most, but Microsoft and Apple's stock prices also slid after major rallies over the past few weeks.
NVIDIA's slip came despite the announcement that Elon Musk's company, xAI, is building a super computer with thousands of Nvidia chips (H100 GPUs) to make its AI model better.
NVIDIA's high-end chips are used for complicated AI tasks. Dell (DELL) and Super Micro (SMCI) are also helping in building this new supercomputer by providing parts for it. Stock prices of both Dlll and Super Micro also witnessed a dip in share price on Thursday.
The drop in value can be attributed to the overall trend of the market.
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Nvidia's stock price dropped 3.4 per cent on Thursday, making Microsoft the most valuable tech company again in a few days after losing its crown. Both companies are still well above the 3 trillion mark. Nvidia was ahead since Tuesday which was the first time when the chip maker managed to reach the top rank.
Apple is still close behind and is trailing in the third position. All three companies have a market cap beyond $3 trillion.
On Thursday Nvidia's stock price fell the most, but Microsoft and Apple's stock prices also slid after major rallies over the past few weeks.
NVIDIA's slip came despite the announcement that Elon Musk's company, xAI, is building a super computer with thousands of Nvidia chips (H100 GPUs) to make its AI model better.
NVIDIA's high-end chips are used for complicated AI tasks. Dell (DELL) and Super Micro (SMCI) are also helping in building this new supercomputer by providing parts for it. Stock prices of both Dlll and Super Micro also witnessed a dip in share price on Thursday.
The drop in value can be attributed to the overall trend of the market.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine