NVIDIA replaces Aramco as third most-valuable company
Investing.com — Nvidia (NASDAQ:NVDA) has overtaken Saudi Aramco (TADAWUL:2222) in market value, making it the world’s third-most valuable public company after Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT).
The company's share price continues to rally as it benefits from the artificial intelligence-fueled demand.
Nvidia is a prominent semiconductor company that has made significant strides in the realm of artificial intelligence (AI) and the development of specialized computer chips designed for AI applications.
The company has been at the forefront of the surge in AI technology demand, particularly in the field of generative AI.
Its chips have become indispensable for big tech companies in developing chatbots and other AI systems. Nvidia's dominance in the AI chip market has placed the company at the forefront of the industry, with its chips recognized for their high performance, making them sought after for training and deploying AI systems across various industries
With Nvidia's share price up a further 2.2% premarket Monday, it is gaining further ground.
Citi analysts said last week that they remain «wildly bullish» on semiconductor stocks and they remain long Nvidia shares.
Meanwhile, an analyst at Tigress Financial Partners raised the price target on NVIDIA to $985 in a recent note, maintaining a Buy rating on the stock.
The analyst said NVIDIA «remains at the forefront of the ongoing acceleration and tipping point of AI adoption across all industries and enterprises that will continue to drive significant revenue and cash flow growth and greater shareholder value creation.»
«NVDA’s leadership position in visual data processing, the acceleration of opportunities in AI and deep learning, and ongoing Data Center
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