Shares of Nvidia rose 2.5% to close Wednesday with a market capitalization of $1.83 trillion. The chipmaker took fourth place in the ranking of companies with the largest market value, ahead of Amazon first, and later Google owner Alphabet.
Oil company Saudi Aramco, meanwhile, came in third with a market value of $2 trillion, behind Microsoft ($3.04 trillion) and Apple ($2.84 trillion).
As Bloomberg notes, Nvidia shares are up 49% overall in 2024, adding $602 billion to the company’s market value — thanks to strong demand for its chips, which are used in data centers for the complex computing tasks required for AI applications.
Nvidia currently offers the H100 chip, which powers most of the major language models in use today (including OpenAI’s ChatGPT and AI projects from Microsoft, Meta, and Amazon). The company is also close to releasing a better H200 accelerator, which has increased memory and bandwidth compared to its predecessor.
Nvidia plans to release its financial report on February 21
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