Nvidia overtakes Amazon and Google in market value; m-cap at $1.83 trillion

Semiconductor chip maker Nvidia's market value surpassed its tech rivals Google and Amazon on Monday with its m-cap at $1.83 trillion. Amazon's m-cap is $1.8 trillion and Alphabet's m-cap is at $1.82 trillion.

Nvidia shares, over the past year, saw a stunning rally fueled by soaring demand for its chips used in artificial intelligence (AI) computing.

Nvidia's Performance

Over the past 15 months, Nvidia’s stock more than quadrupled as investors bought into Nvidia’s market-leading position in artificial intelligence. Before the AI boom in October 2022, Nvidia's m-cap was below $300 billion.

Nvidia is now the fourth most-valuable public company in the world, trailing only Microsoft ($3.1 trillion), Apple ($2.9 trillion) and Saudi Aramco ($2 trillion).

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Thanks to the AI boom, Nvidia’s earnings before interest, taxes, depreciation and amortization (EBITDA) expanded by more than 500% last quarter on a year-over-year basis. Meanwhile, Amazon and Alphabet grew at about 20% during the same period.

As per Forbes, Nvidia remains among the most popular stocks on Wall Street even after its more than 50% run-up this year, and is a top pick for analysts at both Goldman Sachs and Bank of America, each of which has an $800 price target for Nvidia, implying 8% further upside for the stock.

In the past decade, Nvidia gained 17,000% and remains the the best return of any stock on the S&P 500. Nvidia is set to report earnings next Wednesday for its fiscal quarter ending last month and analysts have predicted record sales and profits for the third consecutive time.