Nvidia Joins Exclusive $1trn Market Cap Club 

Image

By Adedapo Adesanya

Nvidia has just become a $1 trillion company, making it the first chipmaker to join the exclusive trillion-dollar club in the United States stock market.

With this, the chipmaker has earned a seat at the table with other members of the club, which include Apple, Microsoft, Google’s Alphabet, and Amazon.

The rise in valuation was fueled by tech companies, big and small, racing to add generative artificial intelligence tools to their products.

AI tools made up the vast bulk of recent Google I/O and Microsoft Build presentations, and Nvidia’s chips make it a key supplier for companies trying to build something with AI.

Over the weekend, Nvidia’s Computex 2023 keynote was full of AI announcements, including a demo of games using natural language both for input and for character responses instead of scripts and a new supercomputer built around its latest GH200 Grace Hopper Superchip capable of an exaflop of GPU performance.

Its valuation pushed over the trillion-dollar benchmark as trading opened today at over $400 per share.

According to Reuters, Nvidia’s shares rose about 25 per cent last week, sparking a rally in AI-related stocks and boosting other chipmakers, helping the Philadelphia SE Semiconductor index close on Friday at its highest in over a year.

Significantly, Nvidia forecast $11 billion in sales for the fiscal second quarter of 2024 alone. Expected sales were 50 per cent higher than consensus estimates of $7.15 billion.

OpenAI-owned ChatGPT’s rapid success has prompted tech giants such as Alphabet and Microsoft to make the most of generative AI, which can engage in human-like conversation and craft everything from jokes to poetry.

Share
Related Stories
Image
12-March-2024

UK Hunts for African Startups to Boost $1trn Tech Sector

By Adedapo Adesanya The United Kingdom Department for Business and Trade (DBT) is seeking promising tech start-up companies across the world through the Unicorn Kingdom: Pathfinder Awards (UKPA) as part of efforts to boost its tech sector valued at $1 trillion.  In June 2023, the UK’s Secretary of State for Business and Trade, Ms Kemi Badenoch, during her keynote speech at London Tech Week 2023 unveiled the UKPA to identify the brightest and best tech companies around the world. “Winners will be flown to the UK and given support to help them accelerate their business growth,” she said at the

Image
19-February-2024

Interswitch Partners Organisers for 2024 Innovate AI Conference

By Aduragbemi Omiyale The 2024 Innovate AI Conference scheduled to take place on February 23 and 24, 2024, at the Landmark Event Centre, Lagos, now has Interswitch as one of its sponsors. The leading digital payment and commerce firm is joining the organisers of the programme as a partner due to its role as a key stakeholder in the financial technology industry, supporting discussions to provide valuable insights to deepen AI growth in the country. In a statement, the organisation emphasised that it threw its weight behind the event themed Adapting AI for Nigeria: Crafting Intelligent Solutions for our Unique

Image
16-February-2024

Salesforce Rolls Out Slack AI

Salesforce has launched Slack AI, a trusted and intuitive generative AI experience available natively in Slack, where work happens. Customers can easily tap into the collective knowledge shared in Slack through guided experiences for AI-powered search, channel recaps, thread summaries, and soon, a digests feature. These capabilities will enable customers to find answers, distil knowledge, and spark ideas faster. “For the past decade, Slack has revolutionised the way we work, bringing people, apps, and systems together in one place,” the chief executive of Slack, Denise Dresser, said. Dresser added that, “With Slack AI, we’re excited to take this transformation to

Image
13-March-2024

Airtel Africa Begins Construction of Data Centre in Lagos

By Modupe Gbadeyanka The construction of a data centre in Nigeria by Airtel Africa Plc has commenced, with the ground-breaking ceremony attended by the Governor of Lagos State, Mr Babajide Sanwo-Olu, and the Minister of Communications and Digital Economy, Mr Bosun Tijani. The new facility, Nxtra, is located in the Victoria Island of Lagos and has been tipped to be one of Africa’s largest networks of data centres. Airtel Africa said this development underscores its commitment to meeting the continent’s data management needs by providing trusted and sustainable data centre capacity to serve the fast-growing African digital economy. “We strongly

More Stories
Image
03-December-2016

Applications Open For Tony Elumelu Foundation Entrepreneurship Scheme

By Modupe Gbadeyanka The Tony Elumelu Foundation (TEF) has entered its third round and applications for the TEF Entrepreneurship Programme are now being accepted, Business Post has learnt. The programme is the foundation’s 10-year, $100 million commitment to training, mentoring and funding 10,000 African entrepreneurs. According to information gathered by our correspondent, the application portal would remain open until midnight of March 1, 2017. Entrepreneurs must complete the online application and selection is on a rolling basis, so early application is encouraged, the foundation said. According to its founder, Mr Tony Elumelu, “I believe the seeds we are planting through

Image
31-December-2017

Dead Persons in Buhari’s Board Appointment Rise to 7

By Dipo Olowookere The number of dead persons appointed by President Muhammadu Buhari into board of state-owned agencies has risen to seven. Last Friday, Mr Buhari announced the appointment of 1,467 board chairmen and members of some agencies and parastatals. The list comprised 209 board chairmen and 1,258 members. But it was discovered that in the list were some dead persons and this has generated mixed reactions, with some lambasting the Presidency for the error. Initially, two dead persons were discovered in the list, but as at Saturday night, the number has swollen to seven. The dead appointees already found

Image
18-July-2021

FX Inflows into Nigeria Still Below Pre-COVID Levels as Outflows Rise

By Tunde Abidoye Nigeria is still battling with foreign exchange (FX) inflows despite efforts by the Central Bank of Nigeria (CBN) to boost liquidity in the space. In its latest Quarterly Statistical Bulletin for the fourth quarter of 2020, the apex bank said the total FX inflows into the Nigerian economy in the period declined by 6.4 per cent quarter-on-quarter and 42 per cent year-on-year to $24.8 billion. Although aggregate inflows have increased since they bottomed out to a 3-year low at the height of the pandemic, they have not recovered to pre-COVID levels. FX inflows through the CBN increased

Image
01-October-2020

How HealthPlus Founder Was Lured to Transfer 51.1% Stake to PE Investors

By Dipo Olowookere One of the issues causing uproar in the business space in Nigeria at the moment is the leadership tussle between the founder of HealthPlus Limited, Mrs Bukky George, and the private equity investors in the pharmaceutical firm, Alta Semper Capital. The issue became a public affair after the investors announced the removal of Mrs George as the CEO of the company and appointed Mr Chidi Okoro as the Chief Transformation Officer (CTO). The founder kicked against this in a statement, where she maintained that her position as the head of the organisation remains intact, accusing Alta Semper

Image
11-June-2019

FirstBank: Redefining ‘Heritage of First’ with Smart Digital Banking

As information technology evolves rapidly, the disruption or advancement in the banking sector will continue to be digitised. Only the bank that can transform itself into truly effective digital organisation and embrace the changes in digital technologies and consumer behaviour will survive and thrive in both the current and future digital environments. Leveraging experience spanning over a century of dependable services, Nigeria’s premier financial institution, First Bank of Nigeria Limited, also called FirstBank, has kept pace with the evolving global operating environment, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a

Image
10-November-2016

Oyo Increases IGR, Creates New GRA

By Modupe Gbadeyanka Oyo State government has disclosed that it has increased its internally generated revenue (IGR) through landed properties. This disclosure was made by the Commissioner for Lands, Housing and Urban Development, Mr Isaac Omodewu, on Wednesday in Ibadan, the state capital. According to the Commissioner, the state government has created a new Government Reserved Area (GRA) behind the high court, Ring Road, promising that more would soon be created along the Oyo/Ibadan express as well as Lagos/Ibadan expressway. Mr Omodewu, speaking at the Inter-Ministerial briefing at the Ministry of Information Mini Theatre, noted that individuals, corporate bodies as

Image
15-June-2022

Elumelu Blames Tariffs for Nigeria’s Low Crude Oil Output

By Dipo Olowookere Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, has attributed the declining crude oil output in Nigeria to tariffs in the oil-rich Niger Delta region of the country. The Delta State-born businessman, while speaking recently in an interview on CNN’s One World with Zain Asher, also lamented about the insecurity in Nigeria, noting that it was chasing investors away as they would take their funds to safer climes. In a Monthly Oil Market Report released on Tuesday by the Organisation of the Petroleum Exporting Countries (OPEC), it was revealed that in May 2022, the

Image
12-March-2019

Ambode Transformed Creative Economy in Lagos—Ayorinde

By Dipo Olowookere Commissioner for Tourism, Arts, and Culture in Lagos State, Mr Steve Ayorinde, said the tourism growth plan of Governor Akinwunmi Ambode led administration has turned the metropolis to a safe and welcoming tourist destination. Speaking through the Director, Lagos State Council of Arts and Culture, Mrs Saidat Olaitan Otulana, at the 3rd edition of the recently held Nigeria Travel Awards, organised by Jumia Travel, Nigeria’s leading online travel agency, the Commissioner noted that, “For us at the Lagos State Ministry of Tourism Arts and Culture, all we have done in almost four years is to commit to

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry