Trump won, Nvidia became the world’s largest company

Big Money news center

Created Date: November 08, 2024 09:43

While Donald Trump’s victory in the US elections had a positive impact on the market, the shares of chip manufacturer Nvidia started to climb. After Trump’s election victory, the size of the company reached 3.65 trillion dollars and Nvidia left Apple behind to become the largest company in the world.

The highly anticipated US elections are over. Republican Party candidate Donald Trump became the 47th US president, beating his rival Kamala Harris by a large margin. While the markets welcomed Trump’s victory, indices rose on Wall Street. The S&P index is up more than 4 percent since the election. While the shares of the automotive giant Tesla, owned by Trump’s biggest supporter Elon Musk, climbed, major US banks also rose. However, the post-election rally did not only benefit these companies.

ARTIFICIAL INTELLIGENCE MADNESS

There has been a great artificial intelligence craze in the world for the last year. The ChatGPT program released by Open AI company has created a revolution. Artificial intelligence programs are now used in every sector, from finance to education, from art to the service sector, from informatics to human resources. Many smart vehicles such as automobiles and mobile devices have become compatible with artificial intelligence. Not only Open AI, but many companies such as Google, Twitter, Apple have launched their own programs. This trend has enabled the tremendous growth of technology company Nvidia. Nvidia produces chips for processors that support artificial intelligence.

Donald Trump becomes the 47th US President

NVIDIA’S MASSIVE RISE

Nvidia shares have grown more than 2,700 percent in the last five years and are up more than 200 percent since the beginning of the year. In November alone, shares increased by more than 12 percent. After the election, the shares of the US company increased by another 2.2 percent and Nvidia’s value reached 3.65 trillion dollars. The company surpassed Apple and became the largest company in the world. Nvidia’s 3-month revenue, which is expected to be announced at the end of November, is expected to increase to 32.9 billion dollars.

On the other hand, the fortune of Taiwanese-American businessman Jensen Huang, the founder and CEO of the company, increased to 124 billion dollars. Huang became one of the 10 richest people in the world.

Nvidia CEO Jensen Huang

OTHER COMPANIES

Apple’s shares increased by 2.1 percent on Thursday, reaching a market value of $3.44 trillion. While Microsoft’s value increased by 1.2 percent, its market size reached 3.16 trillion dollars. Nvidia was once again the world’s largest company for a short time until it was overtaken by Microsoft last June.

WHY DID SHARES RISE?

Donald Trump’s promises of tax cuts to increase US manufacturing led investors to turn to artificial intelligence stocks such as Nvidia. In addition, Trump’s pro-Bitcoin attitude is one of the attitudes that supports the increase in stocks.