(Reuters) – Nvidia overtook Google-parent Alphabet’s stock market capitalization to become the third biggest U.S. company on Wednesday, days before the poster child of AI boom is due to report fourth-quarter results.
Strong demand for the Silicon Valley company’s chips used in artificial intelligence computing has powered the stock 231% in the past 12 months to record highs, taking its market value to $1.812 trillion.
In comparison, Alphabet’s market capitalization is $1.814 trillion.
With a 50% surge lifting Nvidia to the top spot among the S&P 500 components stock performance this year, the company has joined the league of Magnificent Seven stocks, surpassing retail giant Amazon.com earlier this month.
Wall Street expects Nvidia to post $11.38 billion in fourth-quarter profit, up more than a staggering 400% from a year ago. Its revenue is expected to surge more than three-fold to $20.37 billion.
Nvidia now trades 33.19 times its forward earnings estimates, above the industry median multiple of 27.35, per LSEG data.
A higher multiple indicates the stock is more likely to have priced in its earnings potential, leaving little room for further growth.
—By Medha Singh, Reuters
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