2024-02-15 14:42:45
Shares of the maker of graphics cards, software and chips for calculations related to artificial intelligence “Nvidia” (Nvidia) rose in price. In this way, the company overtook Google’s parent company Alphabet in terms of market capitalization to become the third largest company in the US today, Reuters reported. This happened during early trading on Wall Street.
Strong demand for the Silicon Valley company’s chips used in artificial intelligence computing has seen the stock rise 231 percent in the past 12 months. Their market value reached a record 1.83 trillion dollars. By comparison, Alphabet’s current market capitalization was $1.82 trillion.
Since the beginning of 2024, the company’s shares are up 50 percent, and this week its market capitalization surpassed that of Amazon.
Market analysts expect Nvidia to report $11.38 billion in profit for the fourth quarter, up from a staggering 400 percent year-over-year, Reuters added.
The company’s revenue is expected to grow more than three times to $20.37 billion, BTA reports.
There has also been a shake-up at the top in recent weeks as tech giant Microsoft, which is one of the investors and developers of the AI chatbot ChatGPT, has displaced the iPhone maker from the top spot. , Apple (Apple).