Nvidia surpasses $2 trillion market cap and becomes more valuable than Google and Amazon

  • Nvidia recently went over the $2 trillion market cap during trading last week
  • It put them ahead of Amazon, Google and Meta
  • The surge was driven by demand for AI tech

Published on Feb 29, 2024 at 2:41 PM (UTC+4)
by Amelia Jean Hershman-Jones

Last updated on Feb 29, 2024 at 3:30 PM (UTC+4)
Edited by Alessandro Renesis

Nvidia has made history, briefly exceeding $2 trillion and the market cap during trading last week.

The significant milestone was reached on Friday (23 February).

As well as putting it ahead of Amazon and Google, it also surpassed Alphabet, Meta, and put it well ahead of Tesla.

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In fact, only two members of the Magnificent Seven still surpass it.

This includes Microsoft, which boasts a market cap of $3.07 trillion, and Apple, which sits at $2.84 trillion.

It followed a positive earnings report that had already revealed a substantial revenue increase.

In fact, the company’s fiscal fourth-quarter earnings revealed a 265 percent surge in revenue.

That took them up to $22.10 billion.

It’s thought that the surge is driven by the booming demand for artificial intelligence technology.

Demand for its chips by makers of artificial intelligence continues to rise.

However, despite this achievement, Nvidia’s stock closed up less than 1 percent on the same day.

It’s proof, if it were needed, of the transient nature of market valuations.

Despite the rollercoaster, there is a general uptick in the company’s fortune.

The achievement comes just over a week after Nvidia became the third most valuable U.S. company, leapfrogging Google.

Nvidia has seen its market capitalization increase by the worth of Tesla over the past two months.

Its shares are up 68 percent year on year.

Apple was the first company to hit $3 trillion in market cap – despite recent bad news that the Apple Car project has been shelved.

Microsoft cleared $1 trillion five years ago.

Looking at individual wealth, Elon Musk looks set to become the world’s first trillionaire.

Musk and Bernard Arnault are constantly vying for the title of ‘richest man in the world‘.

Nvidia revenue is expected to climb by 120% in fiscal 2024, with another 60% jump expected next year.

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All Supercar Blondie contributors undergo editorial review and fact-checking to ensure accuracy and authority in automotive journalism. After gaining her BA Hons in French and English at the University of Nottingham, Amelia embarked on a vocational diploma from the National Council for the Training of Journalists (NCTJ). This led to numerous opportunities, from interning at Vogue to being on the small team that launched Women’s Health magazine in the UK, which was named the PPA Consumer magazine of the year for three years running. As Health, Beauty and Fitness editor, Amelia personally received a Johnson & Johnson Award and was shortlisted for both PPA and BSME titles. Since then, Amelia has created content for numerous titles and brands, including the Telegraph, 111 Skin, Waitrose, Red magazine, Stylist, and Elle, as well as being Head of Content at Vitality and Editor in Chief at INLondon magazine. “My superpower is translating technical jargon about the mechanical workings of a supercar into a relatable story you’ll want to share with your friends after you’ve read it.” After joining the SB Media family as a senior journalist in September of 2023, Amelia’s role has evolved to see her heading up the SEO output of the editorial team. From researching the most ‘Google-able’ key terms to producing evergreen content - it’s been a time of hard work, growth, and success for the editorial team and the Supercar Blondie website. “I like to think of myself as a ‘method journalist’. In other words: I live and breathe whatever I am writing about. When writing about fitness, I trained as a personal trainer, and as a beauty editor, I completed an ‘expert’ in scent diploma with the Fragrance Foundation. “During my tenure at Supercar Blondie, however, I did something I never thought possible: I passed my driving test at the age of 36. One day I’d love to train as a mechanic to better understand what happens under the hood, too. “My sweet spot is providing readers with a ‘takeaway’ (read: something new they didn’t know before) after reading every one of my stories. While I don’t claim to be an expert in the automotive world, I know the experts and bodies in the field to rely on to provide our readers with an informative and thought-provoking story every time they visit the site.”