Nvidia is now worth $3.34trn Credit: Photographer: David Paul Morris/Bloomberg via Getty Images

Chip-maker NVIDIA became the world’s most valuable company on Tuesday (18 June) as the chip maker’s high-end processors continue to play a vital role in the rise of AI. 

The US company is now worth $3.34trn and has more than doubled since the start of 2024. The chipmaker’s shares grew 3.5% to $135.58. 

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Dethroning software giant Microsoft, Nvidia joined the one-trillion-dollar club of companies in 2023 bolstered by the huge demand for its H100 Graphics processing units (GPUs), an essential part of the modern AI infrastructure. 

The demand for Nvidia’s GPUs was so high that it led to chip shortages and supply chain disruptions. Startups that had begun to implement GenAI into their operations were left scrambling for computing power, as enterprise hardware was affected by the slowdown worldwide. 

Now tech giants such as Meta, Alphabet and Microsoft have also been racing to implement AI capabilities into every facet of their business. 

As Nvidia’s high-end processors have been heralded as superior to its competitors, an insatiable demand has left them continually stretched and regularly in low supply.

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As AI advances, the emerging technology is being rapidly deployed into more areas of society, business and industry.

Research and analysis company GlobalData said that the AI arms race in 2023, which saw companies rush to create their own large language models, has transitioned to the ‘AI chip race’ in 2024.

This is being seen not only in Big Tech companies but also among startups that will look to create their own proprietary chips, according to the report.

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.