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Chip giant Nvidia is worth more than Google owner Alphabet, a day after surpassing Amazon in value
- Nvidia closed on Wednesday with a market cap of about US$1.83 trillion, topping Alphabet’s US$1.82 trillion
- The stock, boosted by demand for its processors, is one of the few firms to have achieved significant revenue growth from AI
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There seems to be no stopping Nvidia’s scorching rally. The day after surpassing the market value of Amazon.com, the chip giant has now overtaken Alphabet as well.
Shares of Nvidia rose 2.5 per cent on Wednesday, closing with a market capitalisation of about US$1.83 trillion, and topping the search giant’s value of roughly US$1.82 trillion, data compiled by Bloomberg show.
With the gain, the chip maker has become the world’s fourth-most valuable company. Saudi Aramco, valued at about US$2 trillion, looms as the next milestone.
Nvidia’s rally has been relentless this year. The stock has climbed about 49 per cent and added some US$602 billion in value, boosted by an insatiable demand for its accelerators that power data centres running complex computing tasks required by artificial intelligence (AI) applications.
While other big tech shares have hardly performed badly in 2024, juxtaposed with Nvidia’s rally they appear to be relegated to the slow lane. The other mega-cap tech firms have already announced earnings, and Nvidia is slated to report February 21.
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