Nvidia Overtakes Google Parent Alphabet as Third-Largest US Company by Market Value

Nvidia (NVDA) shares rose as much as 2.9% in early trading Wednesday, propelling its market capitalization past that of Google parent Alphabet (GOOGL) to make Nvidia America’s third most valuable company. 

Nvidia’s market cap stood at $1.832 trillion as of about 10 a.m. ET Wednesday, while Alphabet’s was at $1.814 trillion, bringing Nvidia behind just Microsoft (MSFT) at $3.015 trillion and Apple (AAPL) at $2.836 trillion.

It’s the second time in less than a week that Nvidia leapfrogged another widely held tech giant to claim a new rank among the country’s biggest public behemoths. Its market cap briefly passed Amazon’s (AMZN) on Monday before shares retreated. Nvidia became the country’s fourth most valuable company Tuesday when its stock held up better amid a sell-off after a report showed inflation rose more than expected in January. Nvidia shares dropped just 0.2% Tuesday while Amazon shares fell 2.2%.

Nvidia’s rise comes amid expectations the chip company could benefit from a surge in demand for chips to power artificial intelligence systems. Nvidia has been the biggest beneficiary of the AI boom compared to other “Magnificent Seven” stocks over the past few months, with shares more than tripling in value over the past year. 

With Wednesday’s gains, Nvidia also came closer to closing in on the $2 trillion mark, a feat only three U.S. companies have achieved: Apple, Microsoft, and Alphabet.