Nvidia pips Alphabet: Nvidia has surpassed Google-parent Alphabet in stock market capitalisation, securing the third position among US companies just ahead of its fourth-quarter results announcement. 

The Silicon Valley giant's chips, integral to artificial intelligence (AI) computing, have driven its stock up by 231 per cent over the past year to reach record highs, elevating its market value to $1.812 trillion. 

In comparison, Alphabet's market capitalisation stands at $1.814 trillion.

With a 50 per cent surge in stock performance within the S&P 500 components this year, Nvidia has joined the ranks of the Magnificent Seven stocks, having surpassed retail giant Amazon.com earlier this month. 

Wall Street anticipates Nvidia to report a fourth-quarter profit of $11.38 billion, marking a staggering 400 per cent increase from the previous year, with revenue expected to soar over three-fold to $20.37 billion.

Currently trading at 33.19 times its forward earnings estimates, Nvidia's valuation exceeds the industry median multiple of 27.35, according to LSEG data. A higher multiple suggests that the stock may have already factored in its earnings potential, potentially limiting further growth opportunities.