Nvidia Surpasses Alphabet in Market Cap Race
This achievement nudged it past Alphabet, whose market cap stood at $1.82 trillion.
Nvidia, Wall Street’s favorite artificial intelligence darling, has once again showcased its dominance, reaching an astounding market capitalization of $1.83 trillion on Wednesday. This achievement nudged it past Alphabet, whose market cap stood at $1.82 trillion.[1]
The Santa Clara-based chipmaker witnessed a 2.5% surge in its share value, reaching $739 per share, while Alphabet closed the session at $145.94 per share.
This milestone follows Nvidia's recent surpassing of Amazon earlier in the week, marking the first time since 2002 that Nvidia outpaced the e-commerce giant in market capitalization.
The ascent of Nvidia's shares traces back to 2023, fueled by the fervor surrounding artificial intelligence technologies. Investors, caught up in the AI hype, flocked to Big Tech stocks, propelling a bull market despite soaring interest rates. This surge contributed to a remarkable 24% jump in the S&P 500 index last year.
Nvidia stands out as the primary beneficiary of this AI enthusiasm gripping Wall Street. Its shares have surged by 49% this year alone, building upon a staggering 239% increase in 2023.
Dubbed the "Magnificent Seven," the tech stocks leading this bull market have continued their upward trajectory this year, with Nvidia at the forefront.
Earlier this week, Nvidia CEO spoke with the UAE's Minister of AI Omar Al Olama at the World Government's Summit in Dubai about the need for countries to have sovereign AI as an opportunity for global leaders.
Huang emphasized the significance of democratizing AI technology, stating that it's imperative for the company to offer such accessibility.