Proactive Investors - NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) has become the fourth largest company in the world after it overtook Google in terms of market capitalisation, just days after it eclipsed Amazon (NASDAQ:AMZN).
The AI chipmaker is trading with a US$1.8 trillion market cap after shares rallied around 1% on Wednesday, surpassing Google owner Alphabet (NASDAQ:GOOGL) Inc's (NASDAQ:GOOG) market value after its shares traded flat.
It means Nvidia is the third-largest company on Wall Street behind Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL, ETR:APC) and the fourth-largest globally when including Saudi Aramco (TADAWUL:2222), the state-owned oil giant.
Shares in Nvidia have experienced a meteoric rise as seemingly every tech company under the sun scrambles to integrate AI into their products and services.
Controlling around 80% of the high-end AI chip market, the tech giant has seen its shares rise over 50% in 2024, following around a tripling of its value in 2023.
And with Nvidia’s quarterly results due in the coming weeks, that gap could very well be closed.
Nvidia has set a fourth-quarter revenue target of around $20 billion on a 74.5% gross margin.
Achieving this would make for another all-time quarterly record following an $18.1 billion top-line figure in the third quarter and $13.5 billion in the second quarter.
These numbers alone are impressive, but Nvidia has a propensity to exceed even the highest of internal and external guidance.