Nvidia surpasses Google to become the third most valuable US Company

  • 6
  • 0

As the third most valuable US Corporation, Nvidia  has overtaken Alphabet, the parent company of Google. The buzz surrounding artificial intelligence driving up demand for Nvidia's chips caused the company's stock worth to soar to a record $1.83 trillion during the trading session, barely surpassing Alphabet's $1.81 trillion market capitalization.

Alphabet's stock was steady, resulting in a slightly higher valuation of $1.810 trillion, whereas the company's stock was up 1.5% at the prior trading session to reach $1.807 trillion.

Post implosion in usage of ChatGPT , Nvidia has been a top beneficiary of technology companies’ race to build AI into their products and services, and the latest gain in its stock comes a day after it ended a session with a market capitalization above Amazon’s for the first time in two decades.

Nvidia controls about 80% of the high-end AI chip market, a position that has sent its stock up 47% this year after more than tripling in 2023. Customers face shortages of Nvidia’s top-of-the line components while AI developers face months-long waiting lists to use its processors through cloud-computing providers.

In 2024, Nvidia's m-cap was $1.8 trillion as against Intel's $185-billion valuation. Right now, with NVIDIA's stock fast approaching $2 trillion-mark, he is worth $65.3 billion.

Nvidia's m-cap has hit new highs ever since a report said, earlier this month that OpenAI CEO Sam Altman  is in talks with investors, including the UAE, to raise funds for a tech initiative to boost the world's chip-building capacity and expand its ability to power AI. The project could require raising as much as $5 trillion to $7 trillion.

Since January 1, Nvidia has added $650 billion to its market cap, which is more than entire market cap of Tesla. Since October 2022, Nvidia has added a massive $1.5 trillion to its market cap.