On Monday, Nvidia Corp.’s market value surpassed that of Amazon.com Inc., marking the latest high point in an incredible rise over the previous 12 months driven by the company’s chips, which are used in artificial intelligence computing.
According to Bloomberg data, Nvidia increased by as much as 2.9% on Monday to surpass Amazon at a market value of $1.80 trillion with a market value of approximately $1.83 trillion.
The chipmaker, which is currently ranked below Alphabet’s $1.85 trillion market capitalization, is the fourth most valuable US-listed firm. Apple is valued at $2.9 trillion, whereas Microsoft Corp. is valued at $3.11 trillion.
“Amazon was actually among the winners in the current earnings season as Amazon’s outlook is improving,” Peter Garnry of Saxo Bank stated. “Nvidia is just riding the first investment wave of the current AI boom with massive capital expenditures being deployed in data centers.”
Following a range-bound second half of 2023, Nvidia’s shares have surged about 50% in the new year on indications that demand for its chips, which are used in data centers for sophisticated computing tasks needed by AI applications, remains high.
This year, Nvidia has increased its market worth by around $600 billion, surpassing the amount it acquired in the final seven months of 2023.
Amazon is also off to a strong start this year. The e-commerce behemoth’s stock increased 8% last week following the release of robust fourth-quarter sales data and an above-estimate profitability prediction. For a little while, the surge raised Amazon’s market value above Alphabet’s.
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