On Monday, chip manufacturer Nvidia temporarily overtook tech behemoth Amazon, becoming the fourth largest US company by market value. This significant event occurred when Nvidia's stocks climbed by roughly 3%, exceeding $740 per share and boosting the company's value to $1.83 trillion. At the same time, Amazon's market valuation stood at $1.80 trillion. Yet, by the close of trading, Nvidia's market capitalization had slipped to $1.78 trillion, slightly below Amazon's $1.79 trillion valuation and Alphabet Inc.'s $1.84 trillion value.
The brief overtaking, stimulated by the ongoing artificial intelligence (AI) boom, propelled Nvidia to the position of fourth most valuable US company. It now follows Microsoft, valued at $3.1 trillion, Apple, valued at $2.9 trillion, and Saudi Aramco, valued at $2 trillion.
The value of shares in the semiconductor chip manufacturer has soared nearly 50% since the latter half of 2023. This is due to a surge in demand for their chips, which are widely utilized in artificial intelligence project applications. To date in 2024, Nvidia's market value has ascended by $600 billion.
In line with this trend, Amazon's shares are also seeing robust performance, climbing 8% last week following the e-commerce giant's encouraging fourth-quarter earnings report.
