Nvidia Spectacularly Surpasses Microsoft and Apple

Nvidia – a company known to the global gaming community for its graphics chips – is now worth more than Microsoft and Apple.

At the close of trading on June 18, Nvidia shares increased by 3.6%, raising its capitalization to 3.34 trillion USD, surpassing Microsoft (3.32 trillion USD).

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With its AI chips, Nvidia has become the world's most valuable company by market capitalization. Photo: finimize

Earlier this month, Nvidia hit the $3 trillion mark for the first time, also becoming the runner-up, replacing Apple.

Nvidia shares rose more than 170% in 2024 and continued to hit new highs when it reported first-quarter earnings in May.

Since the end of 2022, the chipmaker's shares have increased more than ninefold, coinciding with the rise of artificial intelligence technology.

Also on June 18, Apple shares fell 1.1%, reducing its capitalization to $3.29 trillion.

Nvidia dominates about 80% of the market for AI chips used in data centers, a booming business as OpenAI, Alphabet, Amazon, Meta and others race to buy the chips needed to build AI models and run increasingly large workloads.

Nvidia has finally risen to become the most valuable company in the world, but few people know that, over the past 30 years, Nvidia has been on the brink of collapse three times.

4 Korean conglomerates hold urgent meeting

Samsung, SK, Hyundai and LG all held strategy meetings this month to figure out how to navigate geopolitical uncertainties and economic downturns.

According to the Korea Herald , from June 18 to 20, Samsung Electronics – South Korea’s No. 1 chaebol – will start strategic meetings. Top executives are expected to meet to discuss the company’s global strategies in key technology areas, including artificial intelligence. AI is involved in all business activities, from smartphones to home appliances to chips.

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Samsung Electronics Chairman Lee Jae Yong answers reporters on June 13 after concluding a two-week business trip to the US. Photo: Yonhap

SK Group, South Korea's second-largest conglomerate, will hold a summit meeting on June 28-29 to review business plans among its affiliates. Chairman Chey Tae Won, son of the late chairman, and other members of the founding family, including SK Innovation Vice Chairman Chey Jae Won and SK Supex Board Chairman Chey Chang Won, are expected to attend the meeting along with the heads of the affiliates.

Ranked third by assets, Hyundai Motor Group will convene a global strategy meeting later this month with Executive Chairman Chung Eui Sun in attendance.

The directors are expected to discuss strategies to overcome the deflationary pressure act and measures after the US presidential election in November. They are also likely to discuss growth plans in India and Southeast Asia.

South Korea's fourth-largest chaebol, LG, held two weeks of strategic meetings last month. Major subsidiaries, including LG Electronics and LG Innotek, reported results and shared business plans for the next half year.

Huawei's HarmonyOS 'ousts' iOS in China

Data from Counterpoint Research shows that in the first quarter of 2024, HarmonyOS accounted for 17% of the market share, surpassing iOS for the first time in the world's largest mobile market.

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HarmonyOS's market share is expected to continue to increase in the coming time. Photo: SCMP

One of the driving factors is the rising domestic demand for Huawei's self-produced 5G smartphones.

The Shenzhen-based tech giant, which is on the US sanctions list, saw its domestic market share more than double from 8% in the first quarter of 2023. Meanwhile, iOS dropped to third place with 16%, while Google's Android continued to dominate with 68% in the same period.

HarmonyOS's market share is expected to "continue to grow as Huawei focuses on localizing its supply chain," according to Counterpoint.

Globally, Android and iOS continued to lead in Q1/2024 with market shares of 77% and 19%, respectively. At the same time, HarmonyOS accounted for 4%.

NATO invests 1 billion euros in AI, space and military robotics

NATO's Innovation Fund has announced its first financial support package, worth 1 billion euros, for deep technologies serving the bloc's defense purposes.

The Innovation Fund was launched in 2022, after the Russia-Ukraine conflict broke out. It is a program that connects buyers, usually member states’ governments, with startups (sellers) to develop defense technology.

The first companies to receive investment are European companies including: Germany's ARX Robotics - a company specializing in designing unmanned robots and 3 other UK startups (chip maker Fractile, iComat and Space Forge specializing in manufacturing new space materials).

The fund also invested in four deep tech-focused venture capital funds, including: Join Capital, Vsquared Ventures, OTB Ventures and Alpine Space Ventures.

NATO said the investments in the specialised technology centres are aimed at promoting the Alliance's technological sovereignty.