Ruling the charts

AI is fuelling Nvidia's rise

The evolution of Nvidia from game-chip designer to the world’s most valuable company is not accidental. It is directly connected to its expertise in designing semiconductors that are good at intensive number-crunching. The timeline is straightforward. ChatGPT was publicly released in November 2022, sparking a frenzy of artificial intelligence (AI) development. In 2023, Nvidia more than doubled revenues to $60.9 billion as its chips became the hottest commodity in the world. Nvidia’s net profits expanded six times to $29.7 billion. The company’s market capitalisation crossed $1 trillion for the first time in May 2023 and it has