Nvidia on the brink of overtaking Alphabet in market cap after Amazon
The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022
Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters.
Nvidia's market cap reached $1.78 trillion, exceeding Amazon's $1.75 trillion, as the latter's shares declined by 2.15 per cent.
Alphabet, Google's parent company, saw a 1.62 per cent dip in its stock, leaving its market value at $1.81 trillion.
The surge in Nvidia's market value comes as the company benefits from the tech industry's push to integrate AI into various products and services.
Major tech firms like Meta Platforms are heavily investing in Nvidia's graphics processors, leading to a significant increase in demand for its components.
Analysts foresee substantial potential for Nvidia in the AI sector, with Mizuho raising its price target for Nvidia's stock ahead of its quarterly results.
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Nvidia's dominance in the high-end AI chip market, controlling about 80 per cent of it, has propelled its stock to new heights.
Mizuho analyst Vijay Rakesh highlighted the persistent high demand for Nvidia's processors, indicating significant AI upside for the company.
This optimism extends to other tech giants like Microsoft and Meta, whose stocks have rallied due to AI-related optimism.
Alphabet, while facing competition from Nvidia, has been actively incorporating AI technologies into its products and services.
Despite this, the company's recent quarterly report failed to meet investors' expectations, leading to a drop in its stock price.
Nevertheless, Alphabet's stock remains up by 4 per cent in 2024, showcasing a resilient performance amidst the competitive tech landscape.
Nvidia briefly surpassed Amazon's market capitalisation on Monday, marking a significant milestone for the company.
This achievement reflects Nvidia's remarkable growth trajectory since its early days when its market value was under $6 billion.
The current surge in Nvidia's market cap echoes its strong positioning in the AI market and underscores its potential for further expansion.
(With inputs from Reuters)