The ongoing artificial intelligence rally has resulted in Nvidia Corporation (NASDAQ:NVDA) surpassing Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) in market capitalization, just a day after overtaking Amazon.com, Inc. (NASDAQ:AMZN).
What Happened: At the time of writing, Nvidia’s market cap had reached $1.825 trillion, edging past Alphabet’s $1.820 trillion. This makes Nvidia the world’s fourth most valuable company, following Microsoft Corporation, Apple, and Saudi Aramco, with a market capital of $3.042 trillion, $2.843 trillion and $2.072 trillion, respectively.
Nvidia is currently producing the highly sought-after H100 AI processor, which powers the majority of Large Language Models in use today, including OpenAI’s ChatGPT and various AI projects from Microsoft, Meta Platforms and Amazon.
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Nvidia’s market cap surge is a testament to its ...