NVIDIA on AI-steroids beats oil giant Aramco to be world’s 3rd rich firm

after surpassing Google’s parent company Alphabet to become the fourth most valuable company in the world, NVIDIA has now overtaken Saudi Aramco in market value.

At the close of Friday’s trading session, NVIDIA’s market capitalization stood at $2.06 trillion, marking its inaugural venture above the $2 trillion threshold.There are only four companies in the world with a market value above $2 trillion and NVIDIA has joined their ranks. Meanwhile, there’s only one company whose value is above $3 trillion, and that’s Microsoft.

The driving force behind NVIDIA’s meteoric rise lies in the unprecedented demand for its AI chips, which power data centers for complex tasks essential in AI applications. NVIDIA’s top-tier GPU lineup, featuring the Turing and Ampere series, is like the superhero of graphics cards, delivering unmatched performance and versatility that’s driving breakthroughs left and right across different fields.

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Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 recordSaudi oil giant Aramco has reported a $121 billion profit last year, down from its 2022 record due to lower energy prices. Aramco made the announcement in a filing in Riyadh’s Tadawul stock market. It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company.
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