Nvidia, a leading manufacturer of graphics processing units (GPUs), is emerging as a successor to Tesla in the market shift from electric vehicles (EVs) to artificial intelligence (AI). Nvidia’s GPUs, originally designed for gaming, are now extensively used in AI applications, contributing to the company’s robust financial performance. In the second and third quarters of fiscal year 2024, Nvidia reported year-over-year revenue growth of 101% and 206%, respectively. The company’s stock has surged, and it is now the fifth-largest U.S. company with a market cap of $1.5 trillion. Despite its premium valuation, Nvidia’s stock could potentially reach a $2 trillion market cap with a further 33% rise.
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