Nvidia passes Alphabet to become 3rd most valuable company, day after surpassing Amazon

By Ovunc Kutlu

ISTANBUL (AA) - Nvidia surpassed Alphabet on Wednesday to become the third most valuable publicly traded company in the US, one day after surpassing Amazon.

The chipmaker's stock price was up 2.6% at 10.05 a.m. EDT on the Nasdaq, giving it a market capitalization of $1.83 trillion.

Google's parent company Alphabet's stock price was up 0.4%, while its market cap was at $1.82 trillion.

Nvidia's market value surpassed Amazon's on Tuesday, as demand for artificial intelligence (AI) keeps getting stronger globally.

The company's stock price is up more than 20% since the beginning of February.

The rally came as Nvidia tripled its revenue to a record high due to rising demand for its hardware which is essential for AI tasks.

It posted a revenue of $18.12 billion for the quarter ending Oct. 29, which is 206% higher than the same period last year and up 34% from the preceding quarter, according to a financial results statement released Nov. 21.

Microsoft saw its market value surpass $3 trillion again on Jan. 26, overtaking Apple as the US' most valuable public company by market capitalization.

While Microsoft's market value was $3.01 trillion at 10.13 a.m. EDT Wednesday, Apple is second with a $2.84 trillion market cap.

Saudi Arabia's state-owned oil company Saudi Aramco's market cap, meanwhile, was above $7.7 trillion on Wednesday, making it the world's most valuable company.

Saudi Aramco, however, is not listed on an international exchange, while its shares are only traded on the Saudi stock exchange, Tadawul.