Dream - Asian entrepreneur-owned chip technology developer snatches the title of the world's most valuable corporation from one of the world's richest billionaires, Bill Gates. Nvidia, long known for its graphics chips in the gaming community, has now become the most valuable company in the world, surpassing Microsoft. Nvidia ousted Microsoft due to a 3.6 percent surge in stock prices on Tuesday, June 18, 2022, local time. This surge pushed Nvidia's market capitalization to reach US$3.34 trillion.

Although displaced from the top position, Microsoft is still trailing Nvidia with a market capitalization reaching S$3.32 trillion. Earlier this month, Nvidia for the first time reached a market capitalization value of US$3 trillion, surpassing other giant technology companies, including Apple. Meanwhile, Apple's shares reportedly fell 1.1 percent on the same trading day, causing the company's valuation to drop to US$3.29 trillion.

The stock price of Nvidia has skyrocketed over 9 times since the end of 2022. This sharp increase is believed to be due to the emergence of artificial intelligence (AI) technology, which is currently booming. It is known that Nvidia currently dominates 80 percent of the AI chip market for data centers. This market is growing alongside the efforts of OpenAI, Microsoft, Alphabet, Amazon, and Meta, who are competing to build AI business models.

Founded in 1991, Nvidia spent its first half-decade as a hardware company selling chips for 3D gaming needs. However, in the past two years, Nvidia's name has become increasingly known on Wall Street as a technology company that is driving rapid AI development.