Nvidia is now bigger than Google or Amazon with a valuation of $2 trillion

February 24, 2024

Nvidia reached a landmark valuation of $2 trillion, cementing its reputation as one of the largest companies in the world. 

In May last year, Nvidia’s value touched the $1 trillion mark thanks to the rapid ascendency of generative AI. 

Nvidia wasn’t just reacting to this demand, though – they’ve been investing in AI hardware R&D since the early 2010s and before. 

The company’s prescience and investment are paying off big time, with its value pushing past both Alphabet and Amazon. 

Nvidia’s forecast-shattering earnings report buoyed this upward trajectory, with revenues more than doubling in 2024 so far, exceeding $60 billion. Nvidia’s stock has tripled to nearly $800 per share over the last year.

The company’s valuation skyrocketed by $277 billion in a single day following its earnings announcement, marking the largest one-day gain in Wall Street’s history.

Jensen Huang, the CEO of Nvidia, shared with investors that the demand for their chips is “surging” worldwide. 

The AI boom is partly behind the overall rally from US tech stocks and is responsible for a handful of multi-billion dollar startups across the US, Europe, the Middle East, and China.

AI’s influence is pervasive, extending from automotive design to telecommunications and beyond. For companies across virtually every industry, failing to invest in AI is viewed as failing to keep up with the most transformative technology of our time. 

Derren Nathan from Hargreaves Lansdown remarked that the AI boom is indeed “living up to the hype.” 

Jensen Huang remarked on the company’s achievements, stating, “Accelerated computing and generative AI have hit the tipping point,” and Derren Nathan from Hargreaves Lansdown remarked that the AI boom is indeed “living up to the hype.” 

Nvidia isn’t resting on its laurels, though. The company continues to innovate, including with its anticipated B100 AI chip

Can the company sustain its explosive growth amidst increasing competition and evolving market conditions? Time will tell.

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Sam Jeans

Sam is a science and technology writer who has worked in various AI startups. When he’s not writing, he can be found reading medical journals or digging through boxes of vinyl records.


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