Nvidia wins: Team Green becomes world\'s most valuable publicly traded company

The race for AGI has proven an absolute boon for Nvidia in the past few years. Since 2020, the company has managed to more than 10x its market cap, growing from $323.24 billion to now over $3.335 trillion.

Back in 2021, Nvidia’s market cap reached $735.27 billion, but in 2022 it essentially got halved to $364.18 billion as GPU cryptocurrency mining (most notably ETH mining) became unprofitable. However, that same year marked the beginning of the true AGI race, with many key companies like Google, Microsoft and smaller startups trying to secure as many A100 GPUs as possible. By the end of 2023, Nvidia had already managed to break the $1 trillion threshold, and in just two more months (February this year), Team Green was already breathing down Amazon’s and Google’s (Alphabet) neck with a $1.72 trillion market cap. Apple and Microsoft still reigned supreme near $3 trillion at that time.

Analysts were starting to show some skepticism regarding the sustainability of such rapid growth coming from Nvidia. These sentiments were quickly dissipated with great first quarter profits and stellar projections for the upcoming quarters. To create even more hype, Nvidia also revealed the upcoming Blackwell AI accelerators in March, plus a ton of new partnerships across multiple industries.

With so many things going so well for Nvidia, the company managed in the meantime to double its February market cap to now become the world’s most valuable publicly traded company. This achievement was also facilitated by the 10-to-1 stock split announced in early June. Apple and Microsoft recorded significant growth as well, but Nvidia’s trajectory just seems unstoppable.

While Nvidia’s shareholders may be reveling in riches, the AI industry is concerned with the obvious GPU monopoly. Companies like Intel, AMD and OpenAI are actively trying to disrupt Nvidia’s dominance, but projections still look "green" for now, so we might not see any game changing moves until at least 2025.

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