May 29, 2024
Nvidia Surpasses Amazon in Market Capitalizatio
AI

Nvidia Surpasses Amazon in Market Capitalization

Nvidia momentarily surpassed Amazon Inc. in market capitalization, propelled by the AI frenzy, making it the fourth most valuable U.S. company. Achieving a record high of $734.96, Nvidia’s market value peaked at $1.82 trillion, slightly surpassing Amazon’s $1.81 trillion and trailing Alphabet’s $1.87 trillion. This marked the first time since 2002 that Nvidia outpaced Amazon, where both companies were valued under $6 billion.

Investors keenly awaited Nvidia’s quarterly results, set for release on Feb. 21, following Amazon’s robust holiday quarter sales. Nvidia has seen a remarkable 47% year-to-date surge in its shares, emerging as the leading performer among S&P 500 components.

Nvidia’s outstanding quarterly results and robust forecasts from the previous year solidified its position as a key supplier for tech firms engaged in generative AI, encompassing applications like chatbots and image creation. The company’s strategic focus on catering to strong AI demand has propelled its shares, resulting in a remarkable 223% surge over the past 12 months, making it the top performer among the “Magnificent Seven.” Meta Platforms holds the second position with a 163% rise.

As of January, Microsoft overtook Apple to become the world’s most valuable company, securing the top spot, with Alphabet occupying the third position. With Nvidia’s current trajectory and investor confidence, the chipmaker’s market dynamics continue to reflect the growing significance of AI-related technologies in shaping the market capitalization landscape. The impending quarterly report is anticipated to provide further insights into Nvidia’s performance, potentially influencing its standing among the top U.S. companies in the foreseeable future.

Image by Freepik

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