Nvidia Now The Third Biggest U.S. Company

Yolowire 15-Feb-2024 9:40 AM

Nvidias (NASDAQ:NVDA) market capitalization has now surpassed that of both %Amazon (NASDAQ:AMZN) and %Alphabet (NASDAQ:GOOGL), making it the third largest publicly traded company in America.

Nvidias stock continues to soar on investors appetite for %ArtificialIntelligence (A.I.). Year-to-date, Nvidias stock has risen 53%, giving it a market capitalization of $1.83 trillion U.S.

Only %Microsoft (NASDAQ:MSFT) and %Apple (NASDAQ:AAPL) are larger publicly traded companies than %Nvidia, based on market cap.

The symbolic milestone is another sign that Nvidia has become a Wall Street darling on the back of its extreme growth in sales of its A.I. microchips and semiconductors.

Nvidia currently controls 90% of the global market for A.I. %Microchips, which it sells at a cost of more than $20,000 U.S. each.

Nvidias stock is now up 225% over the past 12 months and trading at $739 U.S. per share.

Analysts expect further gains in Nvidias stock after the company reports its quarterly earnings on Feb. 21. There are also rumors that the stock might soon split given its elevated level.

Wall Street analysts who cover Nvidia are forecasting that the company will report 118% annual growth in sales to $59.04 billion U.S. for the fourth quarter of 2023.

COMTEX_447852787/2797/2024-02-15T09:32:49