GPU maker Nvidia has taken third place in the list of the most valuable public companies in the world, overtaking oil company Saudi Aramco, writes Bloomberg with a link to trading data.
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According to the results of trading on the Nasdaq exchange on Friday, March 1, Nvidia’s capitalization reached $2.06 trillion. This was the first time that the company's market value exceeded $2 trillion at the close of trading.
Nvidia shares rose to $822.79 on March 1, and on March 4 in the premarket they rose by 2.55%, to $843. 79. At the same time, the value of Aramco decreased to $2.02 trillion, as follows from trading data.
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Nvidia shares have increased by about 66% this year, increasing its capitalization by $834 billion, notes Bloomberg. They soared on the back of Nvidia's reporting: the company multiplied revenue and net income and predicted further growth in the current quarter at a level above analysts' expectations.
Nvidia's large earnings confirmed Wall Street's optimism about the ability of artificial intelligence to change the field technologies, notes Bloomberg. The company dominates the market for graphics chips designed for the complex computing tasks needed to support AI applications.
Nvidia is second only to Microsoft and Apple in capitalization. The value of the first company is $3.087 trillion, the second is $2.774 trillion. Nvidia in mid-February reached third place in value in the United States, overtaking Google's parent company Alphabet.
