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Nvidia, the leading AI chipmaker, has outpaced Google-parent Alphabet, securing the coveted spot as the third most valuable company in the United States. The remarkable ascent occurred as Nvidia’s share price surged by 2.46%, driving its market capitalization to an impressive $1.825 trillion. In contrast, Alphabet experienced a more modest 0.55% increase, reaching a market value of $1.821 trillion.

This development follows Nvidia’s recent milestone of surpassing Amazon in market capitalization just a day earlier. Amazon, with a market cap of $1.776 trillion, saw its stock rise by 1.39% on the same day. Nvidia’s rise is emblematic of its exceptional performance in the stock market, witnessing a 47% surge in share price this year after a remarkable triple-fold increase in 2023. The surge is attributed to robust demand for Nvidia’s chips, solidifying the company’s dominance with control over approximately 80% of the high-end AI chip market.

The company is currently contending with shortages of its premium components, posing challenges for customers seeking Nvidia’s top-of-the-line products. AI developers are reportedly facing extended waiting lists to access Nvidia’s processors through cloud-computing providers, underscoring the soaring demand for the company’s offerings.

Notably, technology-focused companies such as Microsoft and Meta Platforms have experienced surges in their stock values, reaching record highs amid heightened optimism surrounding artificial intelligence.

Investors are now eagerly anticipating Nvidia’s upcoming quarterly earnings report scheduled for next Wednesday. Analysts are optimistic about the company’s performance, expecting another stellar quarter and a positive outlook. Forecasts for Nvidia’s January fiscal quarter revenue project a staggering triple-fold increase to $20.37 billion, fueled by the relentless demand for its high-end AI chips. Adjusted net profit estimates suggest a remarkable surge of over 400% to $11.38 billion.

It’s important to mention that Microsoft, valued at over $3 trillion, previously overtook Apple in January to become the world’s most valuable company. The current standings list Saudi Aramco as the world’s third most valuable publicly-listed company, as per the London Stock Exchange Group. Nvidia’s ascent further underscores the dynamic landscape of the tech industry, driven by the escalating demand for advanced AI solutions.

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A pivotal turn of events: Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla collectively dubbed the “Seven Samurai” by financial expert Aswath Damodaran, orchestrated a remarkable market rebound in 2023. The “Magnificent Seven” played a crucial role in rescuing investors from the challenges of 2022, contributing to an impressive $5.1 trillion surge in their collective market capitalization.

These stocks, led by notable performers Nvidia and Meta, emerged as the driving force behind a 23.25% overall price appreciation in the US equity market. Microsoft and Apple, each adding a trillion dollars to their market caps, solidified their positions as major players in the market resurgence. Damodaran’s analysis reveals that these companies accounted for over 50% of the total increase in the US equity market capitalization.

The cumulative market cap of the Seven Samurai has witnessed a remarkable ascent over the last decade, soaring from $1.1 trillion in 2012 to an astounding $12 trillion in 2023. This represents 24.51% of the overall US market cap, signaling a substantial impact on the market landscape.

Damodaran delved into the factors propelling the success of these stocks. Despite a rebound from losses incurred in 2022, the stellar 2023 performance goes beyond mere correction, indicating robust profitability and operating performance. The Seven Samurai demonstrated pricing power, economic resilience, and acted as lucrative money machines, showcasing strong earnings.

The valuation guru emphasized the “winner-take-all economics” as a crucial factor, reflecting a shift from manufacturing to a technology-driven global economy. While acknowledging their past glory, Damodaran cautioned investors about the current premium pricing scenario, urging prudent investment strategies as the future remains uncertain. Even though the Mag Seven have reshaped the market landscape, their present valuation demands careful consideration.

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In a Great collaboration, Reliance Industries, led by billionaire Mukesh Ambani, and US technology giant NVIDIA have joined forces to establish advanced AI supercomputing infrastructure in India. This strategic partnership aims to develop a computing environment more powerful than any supercomputer currently operating in the country, significantly enhancing India’s AI capabilities.
The announcement follows a meeting between NVIDIA’s founder and CEO, Jensen Huang, and Prime Minister Narendra Modi, underscoring the significance of this venture.
NVIDIA, which initiated operations in India in 2004 and has four engineering development centers across the country, is set to contribute its cutting-edge technology, including the GH200 Grace Hopper Superchip and DGX Cloud, an AI supercomputing cloud service. The GH200 superchip represents a revolutionary leap in computing architecture, offering exceptional performance and massive memory bandwidth.
One of the primary objectives of this collaboration is to develop a large language model tailored to India’s diverse languages and designed for generative AI applications. This AI infrastructure will serve as the cornerstone for Reliance Jio Infocomm, Reliance Industries’ telecommunications arm, which aims to harness the power of AI to create applications and services for its 450 million Jio customers.
The applications of AI in India are far-reaching, from enabling rural farmers to access weather information and crop prices in their local languages to providing expert medical diagnoses through scalable AI solutions. Additionally, AI can play a pivotal role in predicting and managing cyclonic storms using decades of atmospheric data.
This AI infrastructure will be hosted in AI-ready computing data centers that will eventually expand to a capacity of 2,000 MW. Jio will manage the execution and implementation, drawing on its extensive experience in mobile telephony, SG spectrum, fiber networks, and more.
Jensen Huang, CEO of NVIDIA, expressed his enthusiasm for the partnership, stating, “India has scale, data, and talent. With the most advanced AI computing infrastructure, Reliance can build its own large language models that power generative AI applications made in India, for the people of India.”
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, emphasized the transformative potential of this venture, saying, “As India advances from a country of data proliferation to creating technology infrastructure for widespread and accelerated growth, computing and technology super centers like the one we envisage with NVIDIA will provide the catalytic growth just like Jio did to our nation’s digital march.”
Akash Ambani, Chairman of Reliance Jio Infocomm, added, “Together, we will develop a state-of-the-art AI infrastructure that is secure, sustainable, and deeply relevant across India, accelerating the nation’s journey towards becoming an AI powerhouse.”
This collaboration represents a significant milestone in India’s technological landscape, as it endeavors to harness the full potential of artificial intelligence to drive innovation, growth, and inclusivity across various sectors of the economy.

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