Thanks to interest in investing in Artificial Intelligence, Nvidia has overtaken Alphabet (i.e. Google) and Amazon as Wall St's third most valuable company

[JohnS]

NVIDIA up by 49 per cent in 2024, surpasses Google's Alphabet in market cap days after taking down Amazon

NVIDIA is on a roll and doesn't seem to be slowing down anytime soon. The GPU making giant has now surpassed Google's Alphabet, just a day after it overtook Amazon. NVIDIA's shares soared by 2.5 per cent on Wednesday, which resulted its market cap to shoot up to $1.83 trillion

NVIDIA is on a roll and doesn't seem to be slowing down anytime soon. The GPU making giant has now surpassed Google's Alphabet, just a day after it overtook Amazon. NVIDIA's shares soared by 2.5 per cent on Wednesday, which resulted its market cap to shoot up to $1.83 trillion

NVIDIA seems hell-bent on continuing its meteoric rise which has seen a boost with the the ongoing AI tide. The chip-making giant has surpassed Google’s parent company Alphabet in market value just a day after overtaking Amazon.

According to data compiled by Bloomberg, NVIDIA’s shares soared by 2.5 per cent on Wednesday, culminating in a market capitalization of approximately $1.83 trillion, edging past Alphabet’s valuation of roughly $1.82 trillion.

This surge propels NVIDIA into the esteemed position of the world’s fourth-most valuable company, with only Saudi Aramco, valued at approximately $2 trillion, looming as the next milestone.

NVIDIA’s staggering rally throughout the year has been relentless, with its stock climbing approximately 49 per cent and accruing a staggering $602 billion in added value.

This surge has been fueled by an insatiable demand for NVIDIA’s accelerators, which power data centres tasked with complex computing duties required by AI applications.

While other major tech stocks have not performed poorly in 2024, NVIDIA’s rally has outpaced them significantly, relegating them to a comparatively slower lane. Notably, while other mega-cap tech firms have already disclosed earnings, NVIDIA is scheduled to report its earnings on Feb. 21.

Analysts from Susquehanna Investment Group anticipate another robust report from NVIDIA, though acknowledging that the bar has been set high.

There are clear signs on Wall Street of sustained strong demand for NVIDIA’s AI H100 accelerators, with the chipmaker’s sales being propelled by AI spending at major clients like Microsoft Corp. and Meta Platforms Inc.

The market response to NVIDIA’s performance has been evident, with at least five brokerage firms increasing their price targets for NVIDIA this month alone.

Data compiled by Bloomberg indicates that analysts, on average, have revised their 2024 revenue estimates for NVIDIA upwards by over 100 per cent in the past year.

In the context of the AI frenzy that has driven up tech stocks associated with the technology, NVIDIA stands out as one of the few firms to have demonstrated significant revenue growth directly attributable to AI.

Source: https://www.firstpost.com/tech/nvidia-up-by-49-per-cent-in-2024-surpasses-googles-alphabet-in-market-cap-days-after-taking-down-amazon-13729272.html

[nKostyan]

Unexpectedly… I thought investments in Cuban cigars were the most profitable...

[Namisgr11]

NVDIA has been a great stock to own. But the reward/risk has changed, and this conservatively investing retiree has recently sold his position.

[MrBirdman]

  On 2/15/2024 at 12:04 PM, Namisgr11 said:

NVDIA has been a great stock to own. But the reward/risk has changed, and this conservatively investing retiree has recently sold his position.

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I’m thinking of selling out too,

[ha_banos]

I missed out on AMD and this.

[cnov]

Boggles the mind that they haven't attributed some of the hike in value to the current cryptocurrency market, I'm sure AI plays a part but come on, there are vast networks of GPU's that are being sold to run block chains, give it 2-3 months and it will likely be hard to get hold of decent graphics cards again.

 

[ha_banos]

  On 2/15/2024 at 8:50 PM, cnov said:

Boggles the mind that they haven't attributed some of the hike in value to the current cryptocurrency market, I'm sure AI plays a part but come on, there are vast networks of GPU's that are being sold to run block chains, give it 2-3 months and it will likely be hard to get hold of decent graphics cards again.

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I think all the key major consumers are trying to somehow pivot on this issue. Chips demand is nothing but growing.

[cnov]

I think they'll just keep growing in value right through the bull run, then probably pull back once we get past the peak or the arse falls out of the entire market.

I don't think it's a coincidence that a previous peak in Nvidia price was just after the previous Bitcoin all time high.

If I had Nvidia shares I'd be riding them until the back end of this year. Bitcoing halving is in 62 days, bull run will follow.

Unless there's a total market meltdown in which everything is buggered.

 

Edited February 15, 2024 by cnov
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[amberleaf]

Since people have finally realised that blockchain is functionally useless we now have AI to part the technically illiterate from their money.

The truth is, true Artificial Intelligence doesn't exist in any form right now. Certainly, there are now programs that look like they do magic but all we have achieved is the next level of Google search. Companies that claim they are using AI to solve problems are doing nothing of the sort.

If you look at any AI code you'll find if-then-else conditional statements just like every other computer program written in the last 70 years. Computers are still only doing what they have always done, and that is carry out instructions they've been programmed to do.

[jazzboypro]

  On 2/15/2024 at 11:33 PM, amberleaf said:

Since people have finally realised that blockchain is functionally useless

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Care to elaborate on that? What do you mean by functionally useless?

[LLC]

Companies NVDIA invested in last quarter were revealed in a filing and now they are all up. They do have the golden touch at the moment, it will be interesting to see what they say at their earnings report next week.


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