back to top

info@ceoreporter.com
Call/WhatsApp 9717681813

Nvidia Surpasses Alphabet to Become the Third-Largest American Company by Market Value

Share:

On February 14, 2024, Nvidia, a leading semiconductor company, outstripped Alphabet, the parent company of Google, to become the third-largest U.S. company by market value.

This milestone was achieved due to strong demand for Nvidia’s chips, particularly those used in artificial intelligence computing, which drove the company’s stock price up by 231% in the past 12 months.

Nvidia’s market capitalization reached $1.812 trillion, surpassing Alphabet’s $1.814 trillion.

This achievement marked Nvidia’s entry into the league of the Magnificent Seven stocks, a group of top-performing companies in the S&P 500.

Nvidia’s stock performance has been particularly impressive, with a 50% surge in the year leading up to this event, outpacing even Amazon.com.

Wall Street analysts expect Nvidia to report fourth-quarter profits of $11.38 billion, a staggering 400% increase from the previous year, and revenue of $20.37 billion, a more than three-fold increase.

Despite this impressive growth, Nvidia’s stock trades at 33.19 times its forward earnings estimates, which is above the industry median multiple of 27.35.

This higher multiple indicates that the stock may have already priced in its earnings potential, leaving little room for further growth.

Nvidia’s rise to the third-largest U.S. company by market value is a testament to the company’s success in the AI sector, which has been a major driver of growth in the technology industry. This achievement also highlights the importance of AI in shaping the future of technology and the economy.

Top 5 ways to Earn Money Online

Certainly! Here are five effective ways to earn money online by selling physical products: E-commerce Platforms: Utilize established e-commerce platforms like Amazon, eBay, or...

NASA trains Robodog for Lunar exploration

NASA is training a quadruped robot named "Spirit" to navigate the challenging lunar landscape as part of the Legged Autonomous Surface Science in Analog...

Saudi Arabia $40b AI fund

Related articles

Devin Autonomous AI Engineer

Devin AI: Revolutionizing Software Engineering with Autonomous Intelligence Key Features and Capabilities Autonomy in Software Development: Devin AI revolutionizes the...

Top Business News Stories of the Day 14th March 2024

Here are the top 20 business news highlights for today: Ulta CEO emphasizes the need for e-commerce sites...

Marilyn Monroe AI debut

More than 60 years after her death, a realistic AI-generated version of Marilyn Monroe made her debut at...

Oscars 2024 highlights

The 96th Academy Awards ceremony, held on March 10, 2024, dazzled audiences with its array of unforgettable moments...