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Nvidia surpasses Bitcoin on Google Trends
Alex Dovbnja
Nvidia is now ahead of Bitcoin in search interest
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James Check, principal analyst at Glassnode, noted that tech giant Nvidia has now surpassed Bitcoin in terms of search interest.
AS reported by U.Todaylast week the chipmaker managed to surpass Microsoft in market capitalization, becoming the most valuable company in the world for the first time.
Shares of the Santa Clara, California-based company have surged a staggering 162% amid the ongoing artificial intelligence (AI) boom. Nvidia accounts for about 90% of the GPU chip market, which is why it’s thriving during the AI-obsessed technological era.
According to a recent relationship by Bloomberg, Wall Street struggles to predict Nvidia’s revenue as it’s unclear how many GPUs it will sell amid growing demand.
Nvidia is already the most expensive stock in the S&P 500 after its massive rally this year. While this valuation may seem reasonable due to exploding demand for GPUs, some analysts also worry that the stock is in an AI-fueled tech bubble.
Many have compared Nvidia’s rise to that of computing giant Cisco. In March 2000, Cisco briefly overtook Microsoft to become the world’s most valuable company. The Internet equipment maker was doing great during the dot-com boom, with its market capitalization topping $575 billion. For comparison, Cisco’s market capitalization currently stands at just $190 billion, which is less than half of its peak value 24 years ago.
Last week, The information reported that Nvidia CEO Jensen Huang was worried that Nvidia might end up becoming a fad just like Cisco. His main concern appears to be that there won’t be enough space in the data center to install the company’s AI chips.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.