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Nvidia was on the verge of overtaking Alphabet as the third-most valuable company on Wall Street on Tuesday, as the dominant AI chipmaker ended the day with its market capitalization exceeding Amazon’s for the first time in two decades.

Shares of Nvidia fell 0.17%, giving its stock market value $1.78 trillion, surpassing Amazon’s $1.75 trillion valuation after shares of the online shopping and cloud computing giant fell 2.15%.

Shares of Alphabet, which owns Google, fell 1.62%, bringing its market capitalization to $1.81 trillion.

Nvidia has been the biggest beneficiary of tech companies’ race to build AI into their products and services, with graphics processors in short supply as Meta Platform and other tech giants purchase billions of dollars worth of components.

In a client note, Mizuho raised his price target on Nvidia stock from $625 to $825 ahead of the company’s quarterly results in Santa Clara, California, scheduled for February 21. The stock closed Tuesday at $721.28.

Mizuho analyst Vijay Rakesh wrote that although lead times for Nvidia’s top-end H100 processors have decreased, “overall demand far outstrips supply,” adding that there is “significant AI upside” for Nvidia, Broadcom and Advanced Micro Devices.

Nvidia controls about 80% of the advanced AI chip market, and its shares are up 46% this year after more than tripling in 2023. Technology companies including Microsoft and Meta also hit record highs. AI Optimism.

Alphabet has introduced chatbot technology to its Google search engine while also marketing its generative AI tools to cloud customers. The stock hit an all-time high on Jan. 30, a day before its quarterly report failed to meet investors’ high expectations and the stock tumbled. Alphabet’s stock price will maintain a 4% rise in 2024.

Nvidia’s market capitalization briefly overtook Amazon’s on Monday, but Amazon regained first place by the end of the trading session.

Previously, in 2002, when Nvidia was more valuable than Amazon, each was worth less than $6 billion. By mid-2004, Nvidia’s stock market value had fallen to less than $2 billion as Alphabet went public with a valuation of $23 billion.

Microsoft, an early leader in the AI ​​race, overtook Apple in January to become the world’s most valuable company, now worth more than $3 trillion. State-owned oil giant Saudi Aramco is the world’s third most valuable listed company, according to LSEG.

Shares of Apple, widely seen as lagging in the AI ​​race, fell 4% in 2024.

Saudi Aramco has a market capitalization of $2 trillion. However, more than 90% of them are held by the Saudi Arabian government, with less than 2% of the shares available for investors to trade.

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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