Nvidia shares 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 highest market value, ahead of first Amazon and subsequently Google owner Alphabet.
Oil company Saudi Aramco, meanwhile, was in third place with $2 trillion in market value, behind Microsoft ($3.04 trillion) and Apple ($2.84 trillion).
Overall, Nvidia shares are up 49% in 2024, Bloomberg notes, 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 needed for AI programs.
Nvidia currently offers the H100 chip, which runs 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 the best accelerator, the H200, which has increased memory and bandwidth compared to its predecessor.
Nvidia plans to release its financial report on February 21
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