AI craze shines, Nvidia’s market value surpasses Amazon

(Reuters) – Nvidia Corp’s market value briefly surpassed that of Amazon.com Inc on Monday amid a craze for artificial intelligence, catapulting the chipmaker into the fourth most valuable U.S. company.

According to LSEG data, Nvidia’s market value reached an all-time high of US$734.96, bringing its market value to US$1.82 trillion, while retail giant Amazon’s market value is US$1.81 trillion, which is also billions of dollars behind Google’s parent company Alphabet’s US$1.87 trillion. .

The last time Nvidia’s market value surpassed Amazon’s was in 2002, when both companies were worth less than $6 billion.

After Amazon reported higher-than-expected holiday quarter sales last month, investors are eyeing Nvidia’s quarterly results on February 21, the last major company to report this earnings season.

The report comes amid high expectations and the stock has risen 47% so far this year, making it the biggest gainer in the S&P 500.

Nvidia’s blowout quarterly results and strong forecasts a year ago put the chip designer in a leading position in supplying technology companies working on so-called generative artificial intelligence, such as chatbots and image creation.

Bets on strong demand for artificial intelligence have driven Nvidia shares higher, making it the best-performing stock among the so-called “Big Seven” stocks, soaring 223% in the past 12 months. Meta Platforms ranked second with 163% growth.

In January, Microsoft surpassed Apple to become the world’s most valuable company, with Alphabet in third place.

(This story has not been edited by News18 staff and is published from a Yonhap news agency feed – Reuters)