ISTANBUL

Nvidia became the fourth most valuable publicly traded company in the US, as its market value surpassed Amazon's due to strong demand for artificial intelligence (AI).

The stock price of the US-based global chipmaker fell 0.17% on Tuesday, giving the company a market capitalization of $1.78 trillion; while Amazon shares dove 2.15% and its market value fell to $1.75 trillion.

Nvidia’s stock price soared 17.2% since the beginning of February to $721.28 per share on Tuesday, from $615.27 at the end of January.

The strong rally came as Nvidia tripled its revenue to a record high during the third quarter due to rising demand for its hardware that is essential for AI tasks.

It posted a revenue of $18.12 billion for the quarter ending Oct. 29, which is 206% higher than the same period last year and up 34% from the preceding quarter, according to a financial results statement released Nov. 21.

Microsoft saw its market value surpass $3 trillion again on Jan. 26, overtaking Apple as the US' most valuable public company by market capitalization.

While Apple stands in second place with $2.86 trillion market ap as of Wednesday, it is followed by Google's parent Alphabet with $1.81 trillion.

Nvidia can overtake Alphabet on Wednesday since its shares were up almost 11% during pre-market opening on the Nasdaq.

Saudi Arabia's state-owned oil company Saudi Aramco's market cap, meanwhile, was above $7.7 trillion on Wednesday, making it the world's most valuable company.

Saudi Aramco, however, is not listed on an international exchange, while its shares are only traded on the Saudi stock exchange, Tadawul.