American chipmaker Nvidia briefly surpassed Amazon in market value on Monday, as hopes for artificial intelligence pushed the chipmaker to be the fourth-largest American company in market value, according to Reuters.
The chip company’s shares reached a record level of $734.96, and its market value reached $1.82 trillion, compared to $1.81 trillion for the retail giant Amazon, and lagging behind Alphabet, which owns Google, by a few billion, as its value reached $1.87 trillion, according to LSEG data. .
The last time Nvidia was worth more than Amazon was in 2002, when both were worth less than $6 billion.
After Amazon achieved higher-than-expected quarterly sales last month, investors are looking forward to NVIDIA’s quarterly results on February 21, which is the last of the giant companies to announce the earnings season.
Expectations rose as the report approached, with shares rising 47% year-to-date, making them the biggest gainer among S&P 500 companies.
Stunning quarterly results and strong forecasts from Nvidia a year ago proved that the chip designer was in first place in supplying technology companies working on so-called generative artificial intelligence such as chatbots and image creation.
The company’s bet on strong demand for artificial intelligence sent NVIDIA shares soaring, making it the best-performing stock among the so-called “Magnificent Seven,” with a 223% rise over the past 12 months. While Meta Company came in second place, with an increase of 163%.
In January, Microsoft overtook Apple, becoming the most valuable company in the world also thanks to its trend to adopt artificial intelligence in its products, with Alphabet occupying third place.
