SAN FRANCISCO ― Nvidia, the technology company that designs graphics processing units for the gaming and professional markets, has now become the seventh-largest US company.
The feat also means that it has overtaken Meta’s place in that list. And with Facebook currently going down on a slippery slope, it doesn’t look too good for the company.
According to Dow Jones Market Data, a reshuffling among the ranks of the “most valuable US companies” reflects Nvidia’s ascent over the past few years, with a market value of $618.2 billion.
There’s also a drop with Meta, as the company closed with a market value of $612.2 billion. Shares of Nvidia ended up 1.7 per cent, while Facebook’s stock lost 5.1 per cent.
Nvidia is currently the world’s second most valuable chipmaker. Back in September of 2020, Nvidia announced they’re buying over the UK-based chip designer ARM Holdings from Japan’s Softbank for $40 billion ― before the company announced in January that it no longer expects to close the deal.
It was also the 15th-largest US company as of a year ago and the 50th largest as of two years ago. This is the first time that the company is able to overtake Meta.
As for Meta, we reported that Facebook’s daily user numbers had fallen for the first time in its 18-year history.
According to Meta’s CEO Mark Zuckerberg, it’s because of “apps like TikTok” that are “growing very quickly”. But there are speculations that the whistleblower allegations – revealing that the Facebook algorithm is used easily to spread hate, violence, and misinformation – are a huge part of why their users have dropped.
