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Nvidia Briefly Surpasses Amazon as 4th Most Valuable US Company
Tech Titans' Tussle: Nvidia's Swift Surge in the AI Speedway
InfoPulse & VisualLore
February 13th, 2024
Word count: 412 Estimated reading time: 2 minutes
Nvidia's stock has been on a tear, fueled by surging demand for its AI and data center chips. This stellar run boosted Nvidia's market value, enabling it to briefly overtake Amazon on February 12, 2024 as the 4th most valuable U.S. company.
Nvidia's shares closed at around $224, giving it a market cap of $1.78 trillion. Amazon's stock dropped 1.2% to $94.13, putting its valuation at $1.79 trillion. During regular trading hours, Nvidia did eclipse Amazon to become the 4th largest U.S. company by market cap.
Nvidia's market value gain reflects its dominance in AI chips, used for complex computing like natural language processing. Data center revenue, much of it AI-related, jumped 11% last quarter. Nvidia's stock has surged nearly 50% in 2024 amid strong chip demand.
Amazon also had a solid start to 2024. Its shares jumped 8% after beating Q4 estimates and giving upbeat guidance. But Nvidia's astronomical growth - adding $600 billion in market cap this year - has propelled it up the ranks of tech titans.
Still, rankings remain close among tech giants. Nvidia trails Microsoft ($3.09 trillion) and Apple ($2.89 trillion). Alphabet is just above at $1.84 trillion. Nvidia reports Q4 earnings on February 21 - its next chance to justify spectacular gains.
Nvidia's brief overtaking of Amazon highlights a reshuffling among tech elite. With AI adoption surging, Nvidia's record ascent reflects bets on its central role powering our AI future.
Sources:
[3] https://www.bloomberg.com/news/articles/2024-02-12/nvidia-overtakes-amazon-in-market-value-amid-scorching-rally
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