Nvidia Is First Company to Hit $4 Trillion Market Cap
Nvidia, the dominant AI chipmaker, crossed into uncharted territory this week by being the first company to hit a market cap of $4 trillion.
As of early trading Friday (July 11), its market cap stood at $4.05 trillion. Shares were trading at $166.62, up 1.5% from the previous day. Thus far this year, the stock is up 22% as of Thursday’s (July 10) close.
Nvidia crossed the $1 trillion market cap threshold in June 2023, tripling that valuation in roughly a year. Microsoft and Apple are the only other companies in the United States with a market value of more than $3 trillion.
Nvidia commands 90% of the market for AI chips with its GPUs.
Americans Turn to AI Chatbots for Medical Advice
ChatGPT correctly diagnosed a medical mystery that haunted a Redditor for at least a decade, according to a post on social platform X shared by OpenAI President Greg Brockman.
The post underscored the trend of Americans increasingly using AI chatbots for medical advice. About 1 in 6 adults ask AI chatbots for health information and advice at least once a month.
However, medical experts told PYMNTS that while chatbots can give immediate responses to medical questions, they can miss the nuances that a trained physician or therapist can spot.
Restaurants Deploy Robots End-to-End
Faced with shrinking margins, higher labor and food costs, and persistent workforce shortages, restaurants are turning to robots to do things like serve customers, cook food, deliver goods and handle administrative tasks.
The smart restaurant robot industry is expected to exceed $10 billion by 2030, driven by deployment across applications such as delivery, order taking and table service.
Uber Eats launched autonomous delivery robots in Dallas, Los Angeles, Atlanta, Miami, Austin, and Jersey City, New Jersey. Meanwhile, LG acquired a 51% stake in Bear Robotics, which provides robots that serve diners. Miso Robotics’ Flippy machines can cook fries and burgers. It has robots in White Castle, Jack in the Box and others. Richtech Robotics’ Adam serves cocktails, coffee and boba tea.
Microsoft Claims $500 Million in Savings From AI
Microsoft Chief Commercial Officer Judson Althoff told employees that AI is improving efficiency in sales, customer service and software development.
The company saved over $500 million last year in its call centers alone while improving satisfaction for employees and customers. Microsoft is also using AI to handle interactions with smaller clients, a still-nascent effort that has already generated tens of millions of dollars in revenue.
However, Microsoft has laid off about 15,000 employees this year, reigniting fears that AI is replacing human workers.
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