NVIDIA Surpasses Amazon in Market Value

Stock market sees NVIDIA surpassing Amazon in market valuation with NVIDIA’s recent 2.9% increase marking a milestone at $1.83 trillion.

Considering the current state of the stock market, the leading artificial intelligence (AI) company, NVIDIA Corporation, has slightly surpassed the e-commerce company, Amazon.com Inc., in terms of its ranking.

The recent increase of 2.9% in NVIDIA’s market valuation to around $1.83 trillion marks a significant achievement for the company. The artificial intelligence company now has a market valuation of 30 billion dollars higher than that of Amazon now valued at one trillion and 8 billion dollars.

NVIDIA currently holds the 4th position among the most valuable corporations listed in the United States. Alphabet which has a market value of $1.85 trillion, Microsoft Corporation which has a market capitalization of $3.11 trillion and Apple which has a market capitalization of $2.9 trillion have all surpassed the corporation.

Peter Garnry, Head of Equity Strategy at Saxo Bank congratulated Amazon for being one of the winners this season stressing the fact that the company is gradually getting better.

He believes that NVIDIA is only riding the wave of the boom in artificial intelligence. Because Amazon’s prognosis is getting better the company was one of the winners during the most recent earnings season.

Garnry opined that Nvidia is merely riding the initial investment wave of the ongoing artificial intelligence boom marked by substantial capital expenditures in data centers.

Given that artificial intelligence has just received a significant boost that has enabled the developing ecosystem to generate profits, Saxo Bank personnel may not be too far from the truth.

To be more specific, NVIDIA has been expanding into new locations to utilize its artificial intelligence chip technology in data centers to complete complex computing tasks required by AI applications.

It was stated approximately one month ago that Chinese military institutions, state-owned artificial intelligence research centers and colleges had purchased batches of Nvidia semiconductors.

The Chinese government purchased these items. These kinds of accomplishments have contributed to the fact that NVIDIA shares have increased by more than 50% which has led to an increase in market value.

The boom wave of artificial intelligence is also impacting other companies including Microsoft and Sam Altman’s OpenAI. OpenAI revealed a few days ago that its sales had reached $2 billion.

This achievement was contingent on the performance of ChatGPT, the company’s flagship artificial intelligence product. This amount is already being targeted at being doubled by the company by the following year.

The strategic focus that Microsoft has placed on artificial intelligence has contributed to the company’s valuation surpassing $3 trillion. Following in Apple’s footsteps, the technology corporation became the second company in history to achieve this milestone.

These significant achievements are evidence that artificial intelligence is causing a revolution in the market, with companies such as Nvidia taking the lead.