A day after surpassing Amazon, Nvidia is now worth more than Alphabet

Just one day after overtaking Amazon, Nvidia surpassed Alphabet in market capitalization on Wednesday.

According to Bloomberg, the chip manufacturer's stock has surpassed the owner of Google's $1.82 trillion market cap by a narrow margin. After Apple ($2.84T), Microsoft ($3.04T), and Saudi Aramco, Nvidia is now the fourth most valuable firm in the world following the AI surge. The company presently produces the H100 chip, which drives most of the LLMs in use today, such as ChatGPT from OpenAI and most AI projects from Microsoft, Meta, and Amazon.

The biggest IT companies in the world are taking part in a race to develop AI chips, with the goal of breaking Nvidia's near monopoly by producing their own GPU chips. Ironically, those same businesses account for the majority of Nvidia's sales of AI chips, as noted by Bloomberg.

The Santa Clara-based company is almost ready to release the H200, an improved AI chip with greater bandwidth and memory than its predecessor. Reuters revealed earlier this month that Nvidia has put $30 billion into a division that assists other businesses in creating their bespoke AI chips. In other words, Nvidia may benefit even if businesses decide to develop their own AI chips.

In the meantime, the H200's primary rivals, AMD and Intel, are developing their own potent CPUs.