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Explained: How NVIDIA Became the Company Every AI Model Depends On

NVIDIA's headquarters in Santa Clara, California. The chipmaker, which briefly crossed a $5.5-trillion market capitalisation in May 2026, holds an estimated 95% share of the AI GPU market. (Image: NVIDIA)

From rendering video game graphics to powering nearly every AI model on the planet, NVIDIA’s rise is no accident. We break down the three-decade stack of bets — GPUs, CUDA, and now open models — that made one chipmaker the most valuable company in history.