Nvidia pips in Alphabet in mcap
Becomes world’s 3rd most valuable entity after Apple and Microsoft, as its stock rose 49% this year after soaring 239% in 2023
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New York: Chip-maker Nvidia’s market capitalisation (mcap) rose to $1.83 trillion on Wednesday, nudging past Alphabet’s $1.82 trillion market cap, a media report said.
Santa Clara-based chipmaker’s shares rose 2.5 per cent to $739, while Alphabet shares ended the session at $145.94, CNN reported.
Earlier this week, Nvidia surpassed Amazon, closing with a higher market cap on Tuesday for the first time since 2002.
Nvidia shares have been on a tear since 2023, when investors swept up in AI hype bought up shares of Big Tech stocks, spurring a bull market against a backdrop of sky-high interest rates and leading the S&P 500 index to jump 24 per cent last year.
Nvidia has been the biggest beneficiary of the AI mania dominating Wall Street.
