Nvidia Market Cap Overtakes Crypto

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Last Updated on August 25, 2023 by Bitfinsider

This week, Nvidia’s $1.18 trillion market value surpassed that of the entire crypto market, as shares in Wall Street’s AI darling reached an all-time high.

Nvidia’s stock rose to $502 on Thursday as the chipmaker posted a $6.2 billion net profit on $13.5 billion in total revenue for its second fiscal quarter, more than doubling the same time a year ago and above analyst projections.

The company presently ranks sixth among publicly traded companies, towering over Elon Musk’s Tesla and Mark Zuckerberg’s Facebook. Meanwhile, CoinGecko estimated the crypto industry to be worth $1.09 trillion over more than 10,000 coins.

OpenAI’s introduction of ChatGBT has transformed AI technology into a hot commodity as crypto continues to find its footing following a difficult year in which token prices dropped and numerous firms collapsed amid the cold of crypto winter.

“Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Nvidia founder and CEO Jensen Huang in a statement on Wednesday. “A new era of computing has begun.”

The chipmaker’s outstanding fiscal quarter was driven by 141% sequential growth in its data centre division, where it manufactures GPUs for high-performance computing and cloud applications. The division alone generated a record $10.3 billion in revenue.

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