First it toppled Amazon now Nvidia has passed Alphabet to become the third most valuable US company

Date:
Thu, 15 Feb 2024 12:00:22 +0000

Description:
Nvidia is now worth $1.83 trillion more than Google and Alphabet with further rises possible set to come.

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Nvidia has now passed Alphabet (parent company of Google) in the list of the worlds most valuable companies.

The news comes just days after the California chipmaker passed Amazon , and makes it now the third-most valuable company in the US, and the fourth in the whole world.

On February 14, Nvidias stock rose over 2%, closing at an impressive $739 per share, pushing its market value to $1.83 trillion, edging past Googles $1.82 trillion market cap. Nvidia is on its way to the top

Two symbolic milestones within days of each other highlight Nvidias role as a key player in the artificial intelligence landscape, outpacing even some
major software companies and cloud providers that incorporate AI technology into their products. Google and Amazon have also been working on their own AI-capable components, but Nvidia looks to be undisturbed.

Over the past year, Nvidias shares have risen by a staggering 225%, driven mostly by soaring demand for its high-end AI server chips. In other words, a lot more than the 52% growth seen by Google and the 70% growth seen by
Amazon. Microsoft shares are up 140% in a year.

Previously best known for its consumer graphics processors catering to gaming PCs, Nvidias decision to pivot towards AI has proven to be an incredibly lucrative move.

Nvidia is set to report its quarterly earnings on February 21, when analysts expect to hear about a 118% growth in sales, to the tune of $59.04 billion.

The next US company in its sights to overtake is Apple, which currently has a market value of $1 trillion more than Nvidia, so while it could be several years before that happens, its impressive growth rates in recent months have at least given the chipmaker the fuel to reach for the top. More from TechRadar Pro Check out the best processors for your PC Meta set to use own
AI chips in its servers in 2024 but it will still use Nvidia H100 GPUs as well in its datacenters for now These are the best AI tools and best AI writers to boost your productivity



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Link to news story: https://www.techradar.com/pro/first-amazon-now-nvidia-has-passed-alphabet-to-b ecome-the-third-most-valuable-us-company


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