The US tech giant revealed the new chip earlier this week

Nvidia claims that the new chop “can do some tasks 30 times faster than its predecessor.”

In a report published by the BBC, “The firm has an 80% market share and hopes to cement its dominance.”

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How Valueable is Nvidia?

It is claimed by the BBC that “Nvidia is the third-most valuable company in the US, behind only Microsoft and Apple.”

Bob O'Donnell from Technalysis Research who was at the event told the BBC that "the buzz was in the air".

"I haven't seen something like this in the tech industry in quite some time," he said.

"In fact, some people were making analogies to the early days of Steve Jobs types of presentations."

Some of Nvidia customers include Amazon, Google, Microsoft and OpenAI.

Mr O'Donnell continued: “Even if Nvidia loses some share, they can still grow their overall business because there's just a lot of opportunities for everybody".