The day following a valuation surpassing Amazon.com Inc., Nvidia Corp. outpaced Alphabet Inc. as well. Nvidia's stock (NVDA) surged by 2.5% during Wednesday's trading, elevating the company's market value to $1.825 trillion. Conversely, Alphabet's stock (GOOG, GOOGL) saw a modest 0.6% increase, leaving the company with a valuation of $1.821 trillion by day's end.

This latest development on Wednesday positioned Nvidia as the third-largest U.S. company by market capitalization, trailing behind Microsoft Corp. ($3.04 trillion) and Apple Inc. ($2.84 trillion). Tuesday's session marked the first time since April 18, 2002, that Nvidia surpassed Amazon in valuation, as reported by Dow Jones Market Data. However, Wednesday's advancement over Alphabet marked the first instance in recorded history where the hardware manufacturer surpassed Google's parent company in valuation.

Nvidia's ascent in market cap rankings has been remarkable, climbing from the seventh-largest company by market cap a year ago and two years ago, and the 12th largest three years ago. Just four years ago, Nvidia wasn't even in the top 20.

This surge in valuation coincides with soaring demand for Nvidia's graphics-processing units, which are crucial for powering the artificial-intelligence sector. The company's stock has soared by 222% over the past 12 months.

Even amidst a challenging day for the broader market, Nvidia's shares experienced only a marginal decline on Tuesday. This resilience underscores the robustness of AI capital expenditures and buildouts, contributing to FOMO (fear of missing out) in certain market segments.