The value of Nvidia’s shares is about to surpass that of Amazon
Because of Wall Street’s fervor for artificial intelligence, Nvidia is likely to surpass Amazon in value for the first time in twenty years, and Alphabet, the company that owns Google, is not far behind.
According to LSEG statistics, Nvidia’s market capitalization increased to $1.715 trillion as of mid-day trading on Wednesday, up 40% from its starting point in 2024. This is less than 6% and 3% below Alphabet’s $1.812 trillion and Amazon’s $1.767 trillion, respectively.
Nvidia’s stock increased 1.8% to $694.48 following a positive analysis from Morgan Stanley. On February 21, Nvidia releases its quarterly findings.
Analyst Joseph Moore of Morgan Stanley stated in a client note that «AI demand continues to surge» and raised the company’s price objective from $603 to $700.
Nvidia is currently the fifth most valuable corporation in the US stock market, having more than tripled in value in 2023.
With Meta Platforms and other Big Tech companies purchasing Nvidia’s graphics processors for billions of dollars, Nvidia has benefited greatly from the race among tech companies to incorporate AI into their products and services.
When they were both valued at less than $6 billion in 2002, Nvidia was the more valuable company than Amazon.
Leading the AI battle from the start, Microsoft surpassed Apple in January to become the most valuable business globally. Behind those two, state-owned oil major Saudi Aramco, Alphabet, and Amazon are among the most valuable publicly-traded firms in the world.
Based on LSEG data, Saudi Aramco is currently the third most valuable publicly listed business in the world with a $2 trillion market capitalization. Less than 2% of the company’s shares are traded by investors, while the Saudi Arabian government owns over 90% of the corporation.
