June 16, 2024

Jensen Huang holding up the Blackwell chip platform

Nvidia CEO Jensen Huang presents the Blackwell platform ahead of COMPUTEX in Taipei, Taiwan on June 2, 2024.
Photo: Ann Wang (Reuters)

Nvidia has seen its revenue, shares, and valuation rocket this year — and now its ranking on the Fortune 500 has too.

The chipmaker rose 87 spots on this year’s Fortune 500, ranking 65 on the list of the largest corporations in the U.S. by revenue. Nvidia was the highest ranked company in the “Semiconductors and Other Electronic Components” industry. Its rival Intel was ranked second-highest in the industry at 79 — a 17 spot drop from last year.

On Sunday, Nvidia chief executive Jensen Huang announced the company’s plans for continued dominance in the artificial intelligence chip race, saying Nvidia plans to announce new chips on a “one-year rhythm.” He announced the successors to Nvidia’s highly-anticipated Blackwell AI chip platform, which was unveiled in March and is expected to start shipping later this year. The Blackwell Ultra chip is set for 2025, while the next-generation AI chip platform, Rubin, is expected in 2026, Huang said.

The company’s Hopper chips, which power some of the world’s most advanced generative AI models, propelled the company to become the first in the semiconductor industry to surpass a $2 trillion valuation in February.

Meanwhile, the chipmaker has continued beating Wall Street’s earnings expectations, reporting a record first-quarter revenue of $26 billion for fiscal year 2025 — up 262% from a year ago. In February, the company reported fourth-quarter revenue of $22 billion, which also beat Wall Street’s sky-high expectations, and was up nearly 270% from the previous year.

Nvidia also ranked third on this year’s Fortune 100 Best Companies to Work For list, which noted the company’s nearly 15 year streak of no layoffs and “flat structure.”

“And as Nvidia has emerged as a key player in the AI boom, it’s committed to advancing trustworthy AI that reflects responsible and ethical social values,” Fortune said.

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