A Boring Dystopia

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Nvidia becomes first company to reach $4tn in market value (www.theguardian.com)

submitted 4 days ago by geneva_convenience@lemmy.ml to c/aboringdystopia@lemmy.world

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Chipmaker Nvidia became the first public company in history to scale a $4tn market value on Wednesday as its stock price continues a years-long stratospheric rise.

Shares of the top chip designer rose roughly 2.4% to $164, benefiting from the ongoing surge in demand for artificial intelligence technologies. Nvidia’s chips and associated software are considered world leaders for building artificial intelligence products.

Nvidia achieved a $1tn market value for the first time back in June 2023 and the surge continued unabated with its market value – the total value of its shares – more than tripling in about a year, faster than Apple and Microsoft, the only other US firms with a market value of more than $3tn. Apple was the first company to reach a valuation of $3tn, back in 2022.

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[–] EditsHisComments@lemmy.world 8 points 4 days ago* (last edited 4 days ago)

This is not an industry where you want a monopoly. If they had more companies to compete with, then more taxes would be paid. But, regardless of how many competitors they have, if they paid more taxes then they wouldn't have quite the market value that they do.

The whole reason these companies have such insane market values is because they've spent so much time and money artificially inflating their stock prices and by raising the barriers for entry into their industries