Wall Street’s favorite artificial intelligence darling is continuing to swell to staggering heights.
Nvidia’s market capitalization rose to $1.83 trillion on Wednesday, nudging past Alphabet’s $1.82 trillion market cap.
Shares of the Santa Clara-based chipmaker rose 2.5% to $739 a share, while Alphabet shares ended the session at $145.94.
Earlier this week, Nvidia surpassed Amazon, closing with a higher market cap on Tuesday for the first time since 2002.
Nvidia shares have been on a tear since 2023, when investors swept up in AI hype bought up shares of Big Tech stocks, spurring a bull market against a backdrop of sky-high interest rates and leading the S&P 500 index to jump 24% last year.Nvidia has been the biggest beneficiary of the AI mania dominating Wall Street. The stock is up 49% this year after soaring 239% in 2023.
Most of the Magnificent Seven, the group of tech stocks that have led the bull market, have continued to race even higher this year with Nvidia leading the pack. But some investors are skeptical that they can match their staggering gains from last year.
