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Microsoft reclaims world's most valuable company title as Nvidia falls

About $91 billion was lost by Nvidia, whose market value earlier this week eclipsed Microsoft's.

Reported by:  PTC News Desk  Edited by:  Annesha Barua -- June 21st 2024 09:15 AM -- Updated: June 21st 2024 09:31 AM
Microsoft reclaims world's most valuable company title as Nvidia falls

Microsoft reclaims world's most valuable company title as Nvidia falls

PTC News Desk: The shares of the Jensen Huang-led company saw a 3.4 per cent decrease, and as a result, Nvidia lost its ranking as the most valuable company in the world to Microsoft. Nvidia's market capitalisation, which earlier this week eclipsed Microsoft's, dropped by almost $91 billion to $3.34 trillion at the close.

As the three-way competition between Nvidia, Microsoft, and Apple to become the most valuable corporation in the world continues, Microsoft's market value also decreased to $3.30 trillion.

With its shares down 2.2% at $210.10, Apple's market capitalization was $3.22 trillion, while that of Dell Technologies and Super Micro Computer was down 1% and 0.7%, respectively. Nvidia chips are used in servers manufactured by several businesses.

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This is in line with Elon Musk's earlier statements this year that 100,000 Nvidia H100 chips would be needed for the Grok 3 model and beyond and that training the Grok 2 model required roughly 20,000 Nvidia H100 GPUs.

What did analysts say about the Nvidia stock?

Longbow Asset Management CEO Jake Dollarhide reportedly stated, according to news agency Reuters, "While Microsoft spends and generates money in AI, Nvidia only makes money—a lot of money and profits—in AI. Because of this, Nvidia cannot be spelled without AI.

"Over the coming years, AI technology will help Big Tech Stalwarts monetize their massive installed brs across the enterprise (Microsoft, Oracle, Dell, Amazon, etc.) and consumer landscape (Meta, Apple, Google)," predicted Dan Ives, an analyst with Wedbush Securities.

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- With inputs from agencies

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