FX.co ★ Nvidia Briefly Outranks Amazon In Market Value

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.