The latest $1 trillion tech company has offices in the Triangle. And it’s hiring.
Nvidia, which is hiring in Durham, joined an exclusive club Tuesday as one of five U.S. companies to be valued at more than $1 trillion.
Though less well-known than the other members of the $1 trillion club — Apple, Microsoft, Google, and Amazon — Nvidia has seen its value explode as demand rises for artificial intelligence.
Nvidia makes processing chips called graphics processing units, or GPUs, which are key to popular generative AI platforms like Midjourney and ChatGPT. Generative AI responds to prompts with information, including writing, audio, images and code.
Before OpenAI released ChatGPT to the public in late November, ushering in a frenzy around AI technologies, Nvidia’s GPUs were mostly used for gaming.
The company currently employs approximately 300 people at its Durham office near Research Triangle Park, which it has occupied since 1999.
“The Raleigh-Durham area is an important locale for our company for new innovation and a source of talent,” said Nvidia spokesperson Liz Archibald in an email to The News & Observer.
Since Jan. 1, Nvidia’s stock has been on a tear, jumping 187%. Its Wall Street hot streak has accelerated in the past week after the company announced first-quarter earnings that beat estimates. For the current fiscal quarter, Nvidia projected it will generate $11 billion in sales.
As of midday Tuesday, the company was worth $1.02 trillion. At the start of the year, its market capitalization was around $352 billion.
During a speech in Taiwan earlier this week, Nvidia CEO Jensen Huang spoke of generative AI’s immense potential.
“We have closed the digital divide,” Huang said in remarks quoted by CNBC. “Everyone is a programmer. Now, you just have to say something to the computer.”
Nvidia was founded in 1993 and is headquartered in Santa Clara, California. Durham is one of 22 corporate offices the company maintains in the United States.
According to job postings on LinkedIn and the company’s own website, Nvidia is looking to fill dozens of roles that include Durham as a possible location. A handful of openings posted within the past month list the Bull City as the only office option.
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work.
This story was originally published May 30, 2023 at 1:59 PM.
