Nvidia has shown no signs of slowing down or letting its rivals catch up; the company’s chief executive officer Jensen Huang said the firm plans to upgrade its so-called AI accelerators every year.

The rise of generative AI is a new industrial revolution and Nvidia expects to play a major role as the technology shifts to personal computers, Huang told attendees at a keynote address at National Taiwan University.

“We see this sea change as in the very early innings,” said Angelo Zino, senior equity analyst at CFRA Research.

After the CEO’s keynote, Zino said he likes “the improved visibility” and sees “greater momentum on the GPU/CPU/networking side driving upside to consensus estimates”.

The company has been arguably the biggest beneficiary of a massive flood of AI spending, helping vault the company into a race to claim the title as the world’s most valuable company. The chipmaker still trails Microsoft by market value, but with shares on a tear Wall Street sees it as only a matter of time before Nvidia overtakes it.

Apple has struggled this year with the technology giant’s shares pressured by concerns over cooling iPhone demand in China and a fine from the European Union. Shares in the company have only recently turned positive for 2024 as investor sentiment towards the iPhone maker is slowly improving.