Nvidia has surpassed Saudi Aramco to become the third-largest company in the world by market cap. According to market cap rankings, Nvidia stands at a cap of $2.053 trillion, passing Saudi Aramco which stands at $2.046 trillion.
Nvidia only sits behind fellow tech giants Microsoft and Apple company in the rankings. Nvidia has been on a surge in part due to its work in developing computer chips, which are crucial to the development of AI technology. AI tech is growing more important in everyday functionality, and as reliance on AI grows, the demand for these chips grows tenfold. Thus, Nvidia has dominated the charts as of late.
Very recently, Nvidia surpassed Amazon and Google Alphabet on the market cap charts, so quickly passing Saudi Aramco shows just how meteoric Nvidia’s rise has been. In terms of earnings, Nvidia stands at $34.07 billion, currently in the top 30 of that list, according to Companies Market Cap. At press time, Nvidia is trading on the market at $818.45.
Set off by the meteoric rise of OpenAI’s ChatGPT, the tech industry saw a plethora of companies pivot toward generative AI products. Therefore, Nvidia will likely continue to reap these benefits. It is very possible that the company could creep up on Apple on the global market cap charts. However, it may take some more time.