Nvidia overtakes Alphabet to become third most valuable US company
Also Read: Wall Street Regains Footing After CPI-Fueled Rout: Markets Wrap Customers face shortages of Nvidia's top-of-the-line components while AI developers face months-long waiting lists to use its processors through cloud-computing providers, Reuters reported. Technology-related companies, including Microsoft and Meta Platforms, have also rallied to record highs on AI optimism.
Nvidia is set to report its quarterly earnings next Wednesday and analysts expect another blowout quarter and outlook from the company. Nvidia's January fiscal quarter revenue is expected to more than triple to $20.37 billion, fueled by demand for its top-shelf AI chips, as per average analysts estimates.
Adjusted net profit is seen surging over 400% to $11.38 billion. Meanwhile, Microsoft, now valued at over $3 trillion, overtook Apple in January to become the world’s most valuable company.
Saudi Aramco is the world’s third most valuable publicly-listed company, according to LSEG. Catch Stock Market Live Updates here (With inputs from Reuters)Milestone Alert!
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