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Nvidia solidifies position as world’s most valuable company

Today’s Cache | Nvidia becomes world’s most valuable company; Meta launches 4 new AI models; FTC refers TikTok child privacy complaint to DOJ

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Nvidia becomes world’s most valuable company.

Nvidia becomes world’s most valuable company.
| Photo Credit: REUTERS

(This article is part of Today’s Cache, The Hindu’s newsletter on emerging themes at the intersection of technology, innovation and policy. To get it in your inbox, subscribe here.)

Nvidia becomes world’s most valuable company

Nvidia has edged ahead of other tech companies to become the world’s most valuable publicly traded company in the latest sign of the might of artificial intelligence. The chip company, which has enjoyed a monumental ascent over the last 18 months amid enthusiasm over generative AI, jumped 3.4% near 1.25 p.m. (10.55 p.m. IST), giving it a market capitalisation of about $3.3 trillion, slightly ahead of Microsoft and Apple. In May, Nvidia reported a net profit of $14.9 billion, while its revenue of $26 billion was almost four times what it took in during the same fiscal quarter last year.

Meta launches 4 new AI models

Meta’s Fundamental AI Research (FAIR) team announced the release of four new AI models with multi-modal, multi-media capabilities. Meta Chameleon is a family of models, and Meta announced the public release of key components of its 7B and 34B language models that support mixed-modal input and text-only outputs. Meta further shared the potential release of what it called “better and faster” large language models that used multi-token prediction.

FTC refers TikTok child privacy complaint to DOJ

The Federal Trade Commission has referred a complaint against TikTok and its parent company, ByteDance, to the Department of Justice. The FTC said in a statement Tuesday that it investigated the two companies and “uncovered reason to believe” they are “violating or are about to violate” the Children’s Online Privacy Protection Act, a federal law which requires kid-oriented apps and websites to get parental consent before collecting personal information of children under 13.

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