Nvidia, the AI chipmaker giant, has achieved a significant milestone by surpassing Alphabet Inc, the parent company of Google, in market value, just a day after overtaking Amazon. This remarkable feat has propelled Nvidia to become the worlds third most valued company, trailing only behind tech behemoths Apple and Microsoft.The surge in Nvidias stocks on Thursday has been nothing short of spectacular, driven by heightened investor anticipation surrounding its upcoming quarterly reports. With a notable increase of 2.46%, Nvidias market value soared to an impressive $1.825 trillion, eclipsing Alphabets market capitalization, which stood at $1.821 trillion after a modest climb of 0.55%.WATCH: Wall Streets main indexes bounced back on Wednesday after a sharp selloff the prior session as Nvidia eclipsed Alphabet as the worlds fourth most valuable company and shares of Uber and Lyft soared https://t.co/OJbkXO80fa pic.twitter.com/JggoZLbI6e— Reuters Business (@ReutersBiz) February 15, 2024Nvidias meteoric rise can be attributed to its pivotal role in the technology industrys fervent pursuit of integrating AI into various products and services. As major players like Google and Amazon continue to invest heavily in AI initiatives, Nvidia has emerged as a primary beneficiary, commanding approximately 80% of the high-end AI chip market. This dominance has propelled Nvidias stock price to surge by 47% this year alone, following a remarkable triple-digit growth of over 200% in the previous year.The recent surge in Nvidias stock comes on the heels of an unprecedented achievement - surpassing Amazons market capitalization for the first time in two decades. Despite Amazons solid performance with a market capitalization of $1.776 trillion, Nvidias meteoric rise has captured the attention of investors worldwide.Nvidias prowess in the AI landscape has not only cemented its position as a Wall Street favorite but has also underscored its significance in shaping the future of technology. The companys impending quarterly reports have further fueled investor optimism, with analysts projecting a staggering tripling of revenue to $20.37 billion for the January fiscal quarter. Additionally, adjusted net profit is anticipated to surge by over 400% to $11.38 billion, highlighting Nvidias robust financial performance and strategic positioning in the AI market.The anticipation surrounding Nvidias quarterly reports has ignited a rally on Wall Street, with investors eagerly awaiting the unveiling of its financial results on Wednesday, February 21. As Nvidia continues to lead the race in AI innovation and market dominance, its ascent to becoming the worlds third most valued company signifies a new era of technological prowess and financial success.
