This achievement marks the first time since March 2000, when Cisco (NASDAQ: ) held the top spot during the dot-com boom, that a major computing infrastructure provider became the most valuable U.S. company. Like Nvidia, Cisco also surpassed Microsoft (NASDAQ: ) in value. John Chambers, Cisco’s CEO during the dot-com boom, acknowledged some parallels but noted the AI revolution's distinct dynamics compared to the internet and cloud computing. Chambers pointed out that Nvidia’s CEO, Jensen Huang, is following a different strategy than Cisco but faces similar challenges. Like Cisco, Nvidia benefited from pre-profitability investments.

Source: Wall Street Journal June 20, 2024 11:56 UTC