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Nvidia Set to Become the World's Most Valuable Company in History

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. (Reuters)
A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. (Reuters)
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Nvidia Set to Become the World's Most Valuable Company in History

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. (Reuters)
A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. (Reuters)

Nvidia was on track to become the most valuable company in history on Thursday, with the chipmaker's market capitalization reaching $3.92 trillion as Wall Street doubled down on optimism about AI.

Shares of the leading designer of high-end AI chips were up 2.2% at $160.6 in morning trading, giving the company a higher market capitalization than Apple's record closing value of $3.915 trillion on December 26, 2024.

Nvidia's newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, tech company, Reuters reported.

Microsoft is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.4% on $498.

Apple rose 0.5%, giving it a stock market value of $3.19 trillion, in third place.

A race among Microsoft, Amazon.com, Meta Platforms , Alphabet and Tesla to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors.

The stock market value of Nvidia, whose core technology was developed to power video games, has nearly octupled over the past four years from $500 billion in 2021.

Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom.

Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains.

The company's stock has now rebounded more than 68% from its recent closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. US stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs.

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Albudaiwi: GCC States Have Given Increasing Attention to AI Sector

Albudaiwi highlighted the GCC General Secretariat's commitment to building fruitful partnerships with regional and international centers in the field of AI. (File Photo)
Albudaiwi highlighted the GCC General Secretariat's commitment to building fruitful partnerships with regional and international centers in the field of AI. (File Photo)
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Albudaiwi: GCC States Have Given Increasing Attention to AI Sector

Albudaiwi highlighted the GCC General Secretariat's commitment to building fruitful partnerships with regional and international centers in the field of AI. (File Photo)
Albudaiwi highlighted the GCC General Secretariat's commitment to building fruitful partnerships with regional and international centers in the field of AI. (File Photo)

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi said that the leaders of the GCC foresaw the future and worked to achieve integration and convergence in various fields. They emphasized that the journey of cooperation should not be confined to specific areas but should encompass everything that touches human life, security, development, and the economy.

Accordingly, the GCC states have given increasing attention to the AI sector, recognizing its pivotal role in shaping the features of the new global economy.

His statement was made during his participation in the Parliamentary Legislative Forum "Best Legislative Practices in the Field of Artificial Intelligence," held on Tuesday in Abu Dhabi.

He explained that the estimates of the GCC states' investments in this sector have reached tens of billions of dollars over the past few years, with ambitious plans to increase these investments to hundreds of billions by 2030.

This reflects our countries' strategic direction towards building a knowledge-based economy founded on innovation and advanced technologies, and bolstering the region's position as a leading global hub in this field.

Here, the role of legislation becomes prominent in building renewable legal frameworks that strike a balance between two fundamental matters: encouraging innovation and openness to development, as well as protecting rights and human and societal values.

Albudaiwi also highlighted the GCC General Secretariat's commitment to building fruitful partnerships with regional and international centers in the field of AI.

These include the International Center for Artificial Intelligence Research and Ethics (ICAIRE), which is affiliated with the Saudi Data and AI Authority (SDAIA) in the Kingdom of Saudi Arabia, as well as cooperation with leading international organizations such as WIPO and the International Organization for Standardization (ISO). This cooperation has led to joint Gulf workshops and events, contributing to the exchange of expertise and capacity building.

He touched upon the initiative of the General Secretariat and the approval of the Ministerial Committee for Digital Government to form a team concerned with artificial intelligence and emerging technologies in June 2021.

This team works to support research and development among GCC countries in this field, improve digital government services, and create a flexible regulatory and legislative environment that responds to future requirements.

The secretary-general underscored that the current stage requires the formulation of an integrated vision that elevates cooperation between legislative councils, governments, the private sector, civil society, and academic institutions.

He added that our responsibility today is not limited to enacting new laws, but extends to shaping a social and legislative contract that places the human being at the heart of the AI equation.

He expressed hope that the forum would produce practical recommendations that enhance Gulf legislative cooperation and support the exchange of experiences with international partners to keep pace with the future and ensure the responsible use of AI.

Technology

Musk Reportedly Names Veteran Banker Anthony Armstrong as xAI Finance Chief

(FILES) Elon Musk looks on during a news conference with US President Donald Trump in the Oval Office of the White House in Washington, DC, on May 30, 2025. Photo by Allison ROBBERT / AFP)
(FILES) Elon Musk looks on during a news conference with US President Donald Trump in the Oval Office of the White House in Washington, DC, on May 30, 2025. Photo by Allison ROBBERT / AFP)
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Musk Reportedly Names Veteran Banker Anthony Armstrong as xAI Finance Chief

(FILES) Elon Musk looks on during a news conference with US President Donald Trump in the Oval Office of the White House in Washington, DC, on May 30, 2025. Photo by Allison ROBBERT / AFP)
(FILES) Elon Musk looks on during a news conference with US President Donald Trump in the Oval Office of the White House in Washington, DC, on May 30, 2025. Photo by Allison ROBBERT / AFP)

Elon Musk has named Anthony Armstrong, a former Morgan Stanley banker who advised him on the acquisition of X, as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday.

Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter.

Veteran dealmaker Armstrong has been working with xAI for several weeks and was formally appointed the CFO in recent days, the newspaper said.

xAI and X did not immediately respond to a Reuters request for comment. Armstrong could not be immediately reached.

Musk launched xAI in 2023 to challenge Big Tech's AI push, accusing industry leaders of excessive censorship and lax safety standards.

Armstrong will also be responsible for steering the social media business back to financial stability following an exodus of advertisers after Musk relaxed its content moderation standards.

As Morgan Stanley's global head of tech M&A, Armstrong was part of the team Musk enlisted to manage the $44 billion purchase of Twitter in 2022. As the Morgan Stanley-financed deal took shape, Armstrong and Musk developed a close relationship, according to the report.

Earlier this year, Armstrong helped Musk oversee the Office of Personnel Management during his stint in Washington at the Department of Government Efficiency.

Armstrong will replace Mike Liberatore as finance chief of xAI. Liberatore left the artificial intelligence startup this year following clashes with members of Musk's inner circle over corporate structure and aggressive financial targets, the FT report said.

Armstrong's X account now features the xAI logo next to his name, indicating his new role as an employee.

His appointment as CFO comes amid a broader wave of executive departures. In July, X CEO Linda Yaccarino resigned, and over the summer, xAI's Liberatore and general counsel Robert Keele also left the company.

Additionally, X's finance chief Mahmoud Reza Banki exited after less than a year in the role, the FT report said.

xAI is reportedly in discussions for a new funding round that could value the company at approximately $200 billion, though investors say the deal has not yet been finalized, the report added.

Technology

KAUST, Deloitte Sign MoU to Explore AI Applications in Saudi Arabia

The agreement aims to create a platform where scientific breakthroughs in AI meet business applications. (SPA)
The agreement aims to create a platform where scientific breakthroughs in AI meet business applications. (SPA)
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KAUST, Deloitte Sign MoU to Explore AI Applications in Saudi Arabia

The agreement aims to create a platform where scientific breakthroughs in AI meet business applications. (SPA)
The agreement aims to create a platform where scientific breakthroughs in AI meet business applications. (SPA)

The King Abdullah University of Science and Technology (KAUST) and Deloitte Middle East signed a memorandum of understanding (MoU) to launch a new collaboration aimed at advancing the role of artificial intelligence (AI) in Saudi Arabia.

A statement on Monday said the agreement aims to create a platform where scientific breakthroughs in AI meet business applications, ensuring that cutting-edge research is not confined to academic circles but instead reaches industries, markets, and communities across Saudi Arabia.

Through this partnership, Deloitte and KAUST will jointly develop projects that address some of the most complex AI challenges, while also focusing on preparing the next generation of AI talent through lectures, workshops, internships, and exchange opportunities.

The two entities will collaborate on knowledge transfer through joint seminars and conferences, with the ambition of commercializing new AI models and intellectual property emerging from the projects. The partnership will also focus on policy and governance, closely examining the ethical implications of AI technologies and their social impact in the Kingdom.

Deloitte Middle East Partner Sultanbek Khunkaev said: “By partnering with KAUST, we seek to ensure that the transformative power of AI is harnessed to deliver real societal and economic outcomes.”

Professor Gianluca Setti, Dean of the Computer, Electrical and Mathematical Sciences and Engineering Division at KAUST, stated: “We aim to accelerate the development of responsible AI solutions and create new opportunities for talent and knowledge exchange that support Saudi Arabia's leadership in AI and contribute to both national and global priorities.”

The partnership will not be limited to laboratories or classrooms. Industry-specific solutions will be developed in areas where AI can make an immediate impact, whether in health, finance, energy, or logistics, and benchmarking efforts will help establish best practices for adoption. A range of initiatives will grow from the MoU, with both partners committed to developing strategies that can be scaled beyond the Kingdom.