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Brand value surge propels NVIDIA to the top spot in the semiconductor industry

21 March 2024
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NVIDIA overtakes Intel and TSMC to become the world’s most valuable semiconductor brand in a new ranking from Brand Finance

  • Jensen Huang, the industry's top-ranked CEO, steers NVIDIA to 163% brand value growth
  • TSMC’s growing brand value is reinforced by its vital role in the foundry market
  • Intel's brand equity remains robust despite a decrease in brand value

March 20th, 2024 (London) - NVIDIA overtakes Intel and TSMC to gain the position as the world’s most valuable Semiconductors brand for the first time, according to a new report from Brand Finance, the world's leading brand valuation consultancy. NVIDIA’s brand value increase of 163% to USD44.5 billion underscores its dominance and rapid growth in the semiconductor sector. This rise can be attributed to NVIDIA's significant contributions and developments within artificial intelligence (AI).

Jensen Huang, NVIDIA’s CEO, remains the highest-ranked CEO in both the Semiconductor sector and the United States in Brand Finance’s Brand Guardianship Index 2024. Since co-founding NVIDIA, Huang has been pivotal in transforming the brand from a challenger in gaming processor manufacturing to a dominant force in contemporary AI technology.

Lorenzo Coruzzi, Brand Finance Director, commented:

"In the fast-evolving realm of technology, NVIDIA stands as a dominant force, reshaping the trajectory of the semiconductor industry. Bolstered by remarkable financial performance, especially in the data centre sector, NVIDIA's brand value has surged. Our research also underscores NVIDIA’s growing global recognition, particularly in China, with a 40% increase in familiarity. Under the leadership of Jensen Huang, NVIDIA's brand value is poised for continued growth and is likely to be a pivotal player in the future of the global tech ecosystem.”

TSMC (brand value up 16% to USD25.1 billion) remains the second most valuable brand in the industry. Holding 60% of the world's foundry market share, TSMC has a crucial position in the semiconductor landscape. Despite facing challenges in brand strength metrics and addressing escalating global semiconductor demand, Brand Finance researchers attribute part of TSMC's brand value growth to projected revenue increases. Additionally, the company is strategically expanding its international presence through significant investments to enhance global chipmaking capacity.

Intel maintains its status as the strongest semiconductor brand despite experiencing a 7% decrease in brand value to USD21.3 billion. While Intel's financial value has dipped, certain facets of its brand equity and operational efficiency have strengthened, with its Brand Strength Index score improving to 81.6/100. Brand Finance’s research found enhanced scores in value for money, familiarity, and consideration. It also revealed customers’ willingness to pay a premium for Intel products, underscoring the brand's resilience and customer loyalty amidst financial and operational challenges.

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Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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