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This Day In Market History: First Patent Issued For Integrated Circuit

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This Day In Market History: First Patent Issued For Integrated Circuit

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened?

On this day 58 years ago, Intel Corporation (NASDAQ: INTC) co-founder Robert Noyce was awarded the first-ever patent for an integrated circuit.

Where The Market Was

The Dow finished the day at 683.09. The S&P 500 traded at 65.30.

What Else Was Going On In The World?

In 1961, Soviet cosmonaut Yuri Alekseyevich Gagarin became the first human to travel into space. Yankee Roger Maris hit 61 home runs, breaking Babe Ruth’s longstanding record of 60 home runs in a season. The average cost of a new house in the U.S. was $12,500.

The Building Block Of The Digital Age

Noyce was a pioneer in the computer industry and his crowning achievement was the creation of the silicon integrated circuit, or microchip, which was patented in April 1961. The Silicon Valley region of California that has served as the epicenter for U.S. technical innovation was named after the material used in Noyce’s chip.

The patent was awarded to Fairchild Semiconductor, where Noyce was working at the time. In 1968, Noyce left Fairchild and co-founded Intel along with Gordon Moore.

Fairchild Semiconductor was purchased by ON Semiconductor (NASDAQ: ON) in 2016 for $2.4 billion. Intel’s current market value is $236 billion.

Noyce ultimately earned the nickname the “mayor of Silicon Valley” for his contributions to the industry.

Related Links:

This Day In Market History: The First Guest To Ring The NYSE Opening Bell

12 Semiconductor Stocks Morgan Stanley Is Watching This Week

Photo by Intel Free Press via Wikimedia.

Posted-In: this day in market historyEducation Tech General Best of Benzinga

 

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