Booming interest in artificial intelligence (AI) helped fuel the Nasdaq Composite‘s 43% return in 2023. While use cases for AI continue to explode, one company in particular is front and center in the action.
Semiconductor giant Nvidia produces some of the most cutting-edge graphics processing units (GPUs) on the market — chips that are used to train and power generative AI models. The demand for these chips is so high that Nvidia’s business sets new records every quarter.
The company’s impressive results propelled Nvidia’s market cap past the $1 trillion mark, earning it entry into an exclusive club whose only other current members are Apple, Microsoft, Amazon, and Alphabet. Nvidia’s leadership position within the semiconductor industry led Wedbush Securities analyst Dan Ives to dub its CEO the “Godfather of AI.”