A COMPANY that until recently many ordinary people had barely heard of has become the most valuable in the world.
AI computer chip firm NVIDIA is now worth a huge $3.34trillion (£2.6trillion) — more than the entire London stock market and up $2trillion since the start of the year.
Unlike Apple and Microsoft, which it overtook to top the list, Nvidia’s tech is not visible in our daily lives as it is hidden away in other Silicon Valley giants’ kit.
Yet last month California-based Nvidia reported that its sales had tripled to $26billion in three months, putting its revenue at $260million every day.
DEUTSCHE BANK analyst Jim Reid said: “I don’t think there has been a example anywhere in history of the largest company in the world growing so quickly.”
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However, it has not been an overnight success story. Nvidia, headed by the Taiwanese tycoon Jensen Huang, started out back in 1993 producing computer chips to make video games more realistic.
But it spotted early how tech-nology was changing and invested heavily in making its computer chips incredibly fast and powerful.
These processors are now in huge demand to help power data centres and run complex computing tasks required by AI firms.
Nvidia’s share price really started rocketing as awareness of AI grew — helped by OpenAI’s ChatGPT, which it powers.
A single chip costs between $25,000 and $40,000 and Facebook’s Meta has said it will buy 350,000 this year alone.
Crucially, Nvidia’s strength has been due to it being so far ahead of the game that investors are betting few can catch up. One analyst quipped: “There’s a war going on in AI and Nvidia is the only arms dealer.”
Nvidia’s share price has risen by an incredible 591,078 per cent since it first started trading on the US stock market in 1999. If an investor had backed the firm with $10,000 (£7,850) they’d have made almost $50million (£39million).
Which makes the firm’s name rather apt — as it comes from “Invidia”, Latin for envy.
Boss is Tech 'Taylor Swift'
NVIDIA president Jensen Huang is now such a superstar in the tech world that he gets asked to sign women’s chests.
That was the situation he found himself in, left, at a recent computer conference in Taipei. Even Facebook mogul Mark Zuckerberg has called him the “Taylor Swift of tech”.
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Huang, 61, is now worth £93billion as Nvidia’s rocketing share price has boosted his fortune by £59billion this year alone.
Born in Taiwan, as a boy he was sent to live with family in the US. After a stint as a dishwasher at restaurant chain Denny’s, he became a computer engineer. He spotted AI early and has said he was lucky to have placed his bet on it taking off.
Huang says artificial intelligence has begun a new industrial revolution, with Nvidia at its centre.
England Games in Pub Lift
FOOTBALL fans frothed up beer sales by 42 per cent at YOUNG’S pubs for England’s first Euros 2024 game.
Chief executive of the pub chain Simon Dodd said the Euros made sales “go off like a rocket” with one million advance bookings for the length of the tournament.
He said about tonight’s 5pm game: “I think people will clock off early. There’s nowhere better than watching in a pub.”
Young’s has already seen a 5.4 per cent rise in full year revenue to a record £388.8million while operating profits rose 9.4 per cent to £57.3million. Statutory profits were down 42.8 per cent to £20.7million on the back of its takeover of CITY PUB GROUP.
Mr Dodd said it had faced £7million of extra staffing costs from higher wages, but its own RAM AGENCY had cut costs by £1million as it fills flexible shifts with its own chefs and bartenders.
Staff Win £18m
THE maker of Warhammer model miniatures is handing £18million to its staff after a boost in sales.
GAMES WORKSHOP said it expected profits to rise from £171million to at least £200million this year, while sales should be 10 per cent higher at £445million. The firm is awarding 2,600 staff around £6,900 as part of its profit share scheme.
Games Workshop, which sells £40 character figurines, is one of London’s most surprising success stories, with a £3.3billion market valuation.
Food Firms' Bid
RESTAURANT owners are urging the next government to overhaul the blighted business rates system and create an “Office for Small Business”.
About 1,500 small restaurants have signed a letter by take-away firm JUST EAT, urging changes to help the £71billion hospitality industry. Just Eat’s Claire Pointon said “more needs to be done if high street heroes are going to survive”.
They propose a small business department to help access funding. And extending rates relief would encourage more new firms, they say.
£60k Pay for a pad
FIRST-time buyers need a household income of more than £60,000 to get on to the property ladder, ZOOPLA says.
The property website said the requirements are £14,900 higher than five years ago and £2,400 more than a year ago.
It assumes buyers would have a 20 per cent deposit for a £250,000 home.
Mortgage and interest rates have risen in the past two years, with the cost of living crisis making it harder for buyers to save for a deposit.
BANKERS at JP MORGAN will be able to earn up to 10 times their salaries after the bank scrapped the EU’s bonus cap. It comes after rival GOLDMAN SACHS did the same. The Government axed the caps last year in a bid to increase competition with the US.