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

The demand for AI tech is behind the boom.

  • 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 2:41PM (UTC+4)

Last updated on Feb 29, 2024 at 3:30PM (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.

READ MORE! Elon Musk shares new video of ‘Optimus’ robot strolling confidently around lab

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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