Nvidia Surpasses Bitcoin in Search Popularity Amid AI Boom
Glassnode's lead analyst, James Check, has highlighted that Nvidia, the tech giant, has now surpassed Bitcoin in search interest.
Last week, Nvidia’s market capitalization even exceeded that of Microsoft, making it the most valuable company globally for the first time. This rise comes as Nvidia’s stock price has skyrocketed by 162%, driven by the booming interest in artificial intelligence (AI). With Nvidia controlling approximately 90% of the GPU chip market, its success in the AI era is unsurprising.
A Bloomberg report notes that Wall Street is finding it challenging to forecast Nvidia’s revenue due to the uncertain demand for GPUs. This uncertainty hasn’t stopped Nvidia from becoming the most expensive stock in the S&P 500 following its significant surge this year. While the high valuation is justified by the growing GPU demand, some analysts worry that Nvidia’s rise may resemble a tech bubble driven by AI enthusiasm.
READ MORE: Bitcoin Faces Selling Pressure as Miners Liquidate $2 Billion
Many are drawing parallels between Nvidia’s current situation and the rise of Cisco during the dot-com boom. In March 2000, Cisco briefly surpassed Microsoft as the world’s most valuable company, with a market cap of over $575 billion. Today, Cisco’s market cap is around $190 billion, less than half of its peak value 24 years ago.
Concerns about Nvidia’s future aren’t unfounded. According to The Information, Nvidia CEO Jensen Huang has expressed worries about the company potentially facing a similar fate as Cisco.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
