(Reuters) – Nvidia overtook Google-parent Alphabet’s stock market capitalization to become the third biggest U.S. company on Wednesday, days before the poster child of AI boom is due to report fourth-quarter results.
Strong demand for the Silicon Valley company’s chips used in artificial intelligence computing has powered the stock 231% in the past 12 months to record highs, taking its market value to $1.812 trillion.
In comparison, Alphabet’s market capitalization is $1.814 trillion.
With a 50% surge lifting Nvidia to the top spot among the S&P 500 components stock performance this year, the company has joined the league of Magnificent Seven stocks, surpassing retail giant Amazon.com earlier this month.
Wall Street expects Nvidia to post $11.38 billion in fourth-quarter profit, up more than a staggering 400% from a year ago. Its revenue is expected to surge more than three-fold to $20.37 billion.
Nvidia now trades 33.19 times its forward earnings estimates, above the industry median multiple of 27.35, per LSEG data.
A higher multiple indicates the stock is more likely to have priced in its earnings potential, leaving little room for further growth.
—By Medha Singh, Reuters
Autentifică-te pentru a adăuga comentarii
Alte posturi din acest grup
TikTok is the new doctor’s office, quickly becoming a go-to platform for medical advice. Unfortunately, much of that advice is pretty sketchy.
A new report by the healthcare software fi
Back in 1979, Sony cofounder Masaru Ibuka was looking for a way to listen to classical music on long-haul flights. In response, his company’s engineers dreamed up the Walkman, ordering 30,000 unit
Even as the latest phones and wearables tout speech recognition with unprecedented accuracy and spatial computing products flirt with replacing tablets and laptops, physical keyboards remain belov
One of the most pleasant surprises about this year’s best new apps have nothing to do with AI.
While AI tools are a frothy area for big tech companies and venture capitalists, ther
The world of enterprise tech is built on sturdy foundations. For decades, systems of record—the databases, customer relationship management (CRM), and enterprise resource planning (ERP) platforms
Bluesky has seen its user base soar since the U.S. presidential election,
Russell Hedrick, a North Carolina farmer, flies drones to spray fertilizers on his corn, soybean and wheat fields at a fraction of what it
