NVIDIA's Market Value Ranks Fourth Globally, Surpassing Google Parent Company Alphabet
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The day after surpassing Amazon in market value, AI chip leader NVIDIA overtook Google's parent company Alphabet, becoming the third most valuable company in the U.S., trailing only Microsoft and Apple.
NVIDIA's stock rose nearly 2.5% on the 14th, reaching $739, with a closing market value of $1.83 trillion, surpassing Alphabet's $1.82 trillion. This makes the chipmaker the fourth-largest company by market value globally, with Saudi Aramco as its next target.
Microsoft surpassed Apple in January to become the world's most valuable company, currently exceeding $3 trillion. Additionally, data from the London Stock Exchange shows that Saudi Aramco, a state-owned enterprise of Saudi Arabia, is the third most valuable publicly listed company globally.
NVIDIA has started 2024 with strong gains, driven by sustained demand for AI chips to power complex computations required for AI applications in data centers. Controlling about 80% of the high-end AI chip market, NVIDIA's stock has risen approximately 49%, adding around $602 billion to its market value.
Despite other major tech stocks performing well in 2024, none have matched NVIDIA's robust growth. Many tech companies have already announced their latest quarterly earnings, while NVIDIA is set to release its results on February 21, drawing significant market attention.
This month, at least five brokerages have raised NVIDIA's target price. Data compiled by Bloomberg shows that over the past 12 months, analysts have increased their 2024 revenue forecasts for NVIDIA by over 100% on average.