Nvidia surpasses Amazon in market value for the first time in 20 years – all thanks to AI
Today, the company is worth $1.78 trillion.
Nvidia gained almost 0.2%, while Amazon recorded a 1.2% drop with a market value of $1.79 trillion and fourth place in the ranking of companies with the largest capitalization. According to Bloomberg, Microsoft still holds the top spot with $3.09 trillion, followed by Apple with $2.89 trillion and Alphabet with $1.84 trillion.
In 2024, Nvidia shares rose sharply – by almost 50% – amid high demand for its chips, which are used in data centers for complex computing tasks required by AI programs. Overall, the company has added $600 billion in market value this year, more than in the last 7 months of 2023. Investors expect Nvidia’s quarterly results on February 21.
At the same time, Amazon has also started the year well – last week, the e-commerce giant’s shares jumped 8% after reporting strong sales in the fourth quarter and providing a profit forecast that exceeded estimates. The company briefly overtook Google’s owner Alphabet in the market value ranking.
Reuters claims that the last time Nvidia was more expensive than Amazon was in 2002, when each company was worth less than $6 billion.
