Nvidia Corp. (NASDAQ:NVDA) achieved a significant milestone on Monday by surpassing Amazon.com Inc. (NASDAQ:AMZN) in market value, marking the latest achievement in its remarkable rally fueled by skyrocketing demand for its chips essential in artificial intelligence computing.
During Monday’s trading session, Nvidia saw a surge of up to 2.9%, pushing its market value to approximately $1.83 trillion, edging past Amazon’s $1.80 trillion, as per Bloomberg data. This elevation now positions the chipmaker as the fourth most valuable US-listed company, trailing behind Alphabet with a market capitalization of $1.85 trillion. Microsoft Corp. holds a value of $3.11 trillion, while Apple stands at $2.9 trillion.
Peter Garnry from Saxo Bank remarked, “Amazon was actually among the winners in the current earnings season as Amazon’s outlook is improving. Nvidia is just riding the first investment wave of the current AI boom with massive capital expenditures being deployed in data centers.”
After experiencing a period of consolidation in the latter half of 2023, Nvidia’s shares have experienced a surge in the new year, rising by nearly 50%. This surge is fueled by indications of sustained demand for its chips, particularly in data centers catering to the intricate computing needs of AI applications. Nvidia’s market value has surged by approximately $600 billion since the beginning of the year, surpassing its gains over the last seven months of 2023.
Despite Nvidia’s remarkable performance, Amazon also commenced the year on a positive note. The e-commerce giant witnessed an 8% surge in its shares last week following robust sales in the fourth quarter and providing a profitability forecast that exceeded estimates. This rally briefly pushed Amazon’s market value above that of Alphabet.
Nvidia Corp. remains the last among the tech giants to report earnings, scheduled for release on Feb. 21.
Featured Image: Megapixl
Author Faith Yakubu 
