Nvidia overtook Saudi Aramco in market capitalization, taking third place on the list behind Apple and Microsoft.
American semiconductor manufacturer Nvidia has become one of the world’s three most valuable public companies after Apple and Microsoft, surpassing Saudi Aramco. Bloomberg wrote this on Monday, March 4.
The company’s value rose 2.5% to $2.11 trillion after crossing the $2 trillion mark for the first time on March 1.
“Nvidia shares rose on the back of big earnings, confirming Wall Street’s optimism about the potential of artificial intelligence to bring significant changes to the technology industry,” the material said.
Nvidia dominates the market for graphics chips designed for the complex computing tasks needed to run artificial intelligence applications.
Meanwhile, Saudi Aramco’s capitalization fell to $2.01 trillion. Aramco shares have fallen more than 5% this year due to lower output from OPEC+ production cuts and a potential subsequent stock offering by the Saudi Arabian government.
Let’s remember that Russia, despite the sanctions imposed by Western countries, last year imported advanced American and European chips worth more than a billion dollars.
Despite some restrictions, Chinese companies are buying American equipment for chip production.
Source: korrespondent
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