Michelle ThompsonThe feat comes after Nvidia tripled its revenue to a record high due to rising demand for hardware necessary in artificial intelligence jobs.
Nvidia became the fourth most valuable publicly traded corporation in the United States, surpassing Amazon due to increased demand for artificial intelligence (AI).
The stock price of the US-based global chipmaker dipped 0.17% on Tuesday, giving the business a market capitalization of $1.78 trillion, while Amazon’s shares fell 2.15%, bringing its market worth down to $1.75 trillion.
Nvidia’s stock price has risen 17.2% since the beginning of February, reaching $721.28 a share on Tuesday from $615.27 at the end of January.
The big increase came as Nvidia tripled its sales to a record high in the third quarter, owing to rising demand for its AI-related hardware.
According to a financial results statement dated Nov. 21, it generated $18.12 billion in sales for the quarter ended Oct. 29, 206% more than the same period last year and 34% more than the previous quarter.
On January 26, Microsoft’s market capitalization surpassed $3 trillion for the second time, surpassing Apple as the most valuable public firm in the United States.
Apple is in second position with $2.86 trillion in market capitalization as of Wednesday, followed by Google’s parent Alphabet with $1.81 trillion.
Nvidia may overtake Alphabet on Wednesday after its shares rose nearly 11% in pre-market trading on the Nasdaq.
Saudi Arabia’s state-owned oil corporation, Saudi Aramco, has a market capitalization of more than $7.7 trillion on Wednesday, making it the world’s most valuable company.
However, Saudi Aramco’s shares are only traded on the Saudi stock exchange, Tadawul, and are not listed on any foreign exchange.
Emily Martinez
