NVIDIA is doing very well for itself, so much so that the chip maker has overtaken Alphabet, Google's parent company, to become the third most valuable company in the United States, Reuters reports. The news comes almost immediately after NVIDIA pushed past Amazon in the rankings, with the company now valued at $1.83 trillion. Worldwide, it sits in fourth, behind American companies Microsoft ($3.04 trillion) and Apple ($2.84 trillion) and the Saudi Arabian state-owned oil company Saudi Aramco ($2.07 trillion).

AI's boom over the last year is largely to thank for NVIDIA's jump in valuation, with about 80 percent of the high-end chip market in its hands. It created the H100 chip, which powers LLMs at OpenAI, Amazon, Meta and more. In January, Mark Zuckerberg said Meta will buy 350,000 of NVIDIA's H100 chips by the end of the year.

Unlike most companies that are engaged in a competition over which will advance in AI the quickest, NVIDIA has its figurative hands in all baskets. The chip maker is also expanding its business to create custom chips for cloud computing firms. This additional offering can keep NVIDIA in the mix, even as AI manufacturers seek more bespoke options.

NVIDIA's quarterly report will drop on Wednesday, February 21, and while it's expected to be positive, anything less than excellent could lower the company's valuation and, thus, ranking. Predictions set NVIDIA's quarterly earnings tripling to $20.37 billion and net profits jumping 400 percent to $11.38 billion.