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Nvidia overtakes tech titans in market race

by on16 February 2024


AI pushes Nvidia past Google

GPU maker Nvidia, has surged past Google's parent company, Alphabet, and retail titan Amazon to clinch the coveted third spot in the US market value charts.

According to reports from CNBC, Nvidia's meteoric rise has propelled it to a market value of a staggering €1.51 trillion, edging ahead of Google's €1.50 trillion market cap.

The triumph comes hot on the heels of Nvidia's triumph over Amazon in the market value stakes, marking a historic shift in the tech landscape. This symbolic milestone underscores Nvidia's ascent as a darling of Wall Street, fueled by soaring sales of AI chips, which have catapulted its worth beyond even the most esteemed software firms and cloud providers.

In a single day, Nvidia's shares surged by over two per cent closing at €646.47 apiece, illustrating the unyielding momentum driving the company forward. This rally translates to a remarkable surge of 221 per cent in the past year. The surge is fueled by robust demand for Nvidia's AI server chips, prized at over €16,800 each, coveted by tech behemoths such as Google and Amazon for their cloud services.

Once synonymous with gaming graphics processors, Nvidia's transformation into an AI powerhouse underscores its unparalleled adaptability and foresight. With its sights set firmly on the future, Nvidia's rise heralds a new era in tech dominance, leaving rivals scrambling to keep pace.

Last modified on 16 February 2024
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