Nvidia beats Google in value

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Key points:

  • Nvidia shares rose 2.46% to $1;
  • Nvidia controls about 80% of the market for high-performance AI chips.
  • Analysts predict an increase in the company’s revenue by 300% to $20.37 billion, and an increase in net profit by 400% to $11.38 billion.

On Wednesday, Nvidia surpassed Google’s parent company Alphabet to become the third most valuable U.S. firm, following its recent overtaking of Amazon. The company’s shares experienced a 2.46% increase, reaching a market capitalization of $1.825 trillion. In comparison, Alphabet’s shares rose by 0.55% to $1.821 trillion.

Nvidia has positioned itself as the primary beneficiary in the competitive landscape of tech companies striving to integrate artificial intelligence into their products and services. The recent surge in Nvidia’s stock follows a significant milestone where it ended a session with a market capitalization surpassing Amazon’s for the first time in two decades. Amazon’s market capitalization stood at $1.776 trillion after a 1.39% increase in its shares on Wednesday.

With control over approximately 80% of the high-end artificial intelligence chips market, Nvidia’s share price has surged by 47% this year, building on its impressive performance of more than tripling in 2023.

Waiting for Nvidia report

The upcoming quarterly report from Nvidia, scheduled for next Wednesday, is eagerly anticipated on Wall Street, with analysts closely monitoring the results. A strong performance and positive forecasts are expected, and any deviation from this could impact the ongoing artificial intelligence rally on Wall Street.

“The market recognizes Nvidia as the king of artificial intelligence. But if Nvidia has one bad quarterly report, and if they don’t beat investors’ expectations, this company could fall 20 or 30% in one session after the close.”

— said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa.

Christopher Rolland, an analyst at Susquehanna, has increased his target price for Nvidia shares from $625 to $850, expressing confidence in robust quarterly results and guidance. As of now, Nvidia shares are valued at $739.

Analysts, on average, predict that Nvidia’s revenue for the January fiscal quarter will surpass $20.37 billion, with a significant boost attributed to the demand for its high-end artificial intelligence chips, as reported by LSEG. Projections indicate that the adjusted net income is expected to rise by over 400%, reaching $11.38 billion.

However, it’s crucial to note that Nvidia faces competition in the artificial intelligence arena. Microsoft, having secured an early lead in the race for artificial intelligence, surpassed Apple in January to become the world’s most valuable company, with a current valuation exceeding $3 trillion.


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