Glassnode principal analyst James Check has noted that tech giant Nvidia has now surpassed Bitcoin in search interest.
The chipmaker surpassed Microsoft in market capitalization last week, becoming the world’s most valuable company for the first time. The company’s stock has increased a staggering 162% due to the ongoing artificial intelligence (AI) boom. Nvidia accounts for about 90% of the GPU chip market, which is why it is growing strongly in an AI-obsessed technology age.
According to one report recently reported by Bloomberg, Wall Street is having difficulty predicting Nvidia’s revenue because it’s unclear how many GPUs it will sell amid growing demand.
Nvidia is already the most valuable stock in the S&P 500 after a strong rally this year. While this valuation seems reasonable given the boom in GPU demand, some analysts are also concerned about the stock being in an AI-powered tech bubble.
Many have compared Nvidia’s remarkable rise to that of computer giant Cisco. In March 2000, Cisco briefly surpassed Microsoft to become the world’s most valuable company. The Internet equipment maker flourished during the dot-com boom, with a market capitalization exceeding $575 billion. By comparison, Cisco’s market capitalization is currently only $190 billion, less than half its peak value 24 years ago.
Last week, The Information reported that Nvidia CEO Jensen Huang is concerned about Nvidia potentially becoming a fad like Cisco. His main concern is that there isn’t enough data center space to install the company’s AI chips.
Itadori
According to U.today
