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Nvidia passes Alphabet in market cap and is now the third most valuable U.S. company
The symbolic milestone is more confirmation that Nvidia has become a Wall Street darling on the back of elevated AI chips sales
Before the recent AI boom, Nvidia was best known for consumer graphics processors it sold to PC makers to build gaming computers, a less lucrative market. Google was largely expected to benefit from AI, especially since employees at the company pioneered many of the techniques — such as transformer architecture — used in cutting-edge models like ChatGPT. Nvidia is valued even more highly than the large software companies and cloud providers that developed many of the AI techniques that power the boom.
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