NVIDIA becomes the third most valuable US company at Alphabet's expense

NVIDIA is doing very well for itself, so much so that the chip maker has overtaken Alphabet, Google's parent company, to become the third most valuable company in the United States, Reuters reports. The news comes almost immediately after NVIDIA pushed past Amazon in the rankings, with the company now valued at 1.83 trillion. Worldwide, it sits in fourth, behind American companies Microsoft ( 3.04 trillion) and Apple ( 2.84 trillion) and the Saudi Arabian state-owned oil company Saudi Aramco ( 2.07 trillion). AI's boom over the last year is largely to thank for NVIDIA's jump in valuation, with about 80 percent of the high-end chip market in its hands. It created the H100 chip, which powers LLMs at OpenAI, Amazon, Meta and more.