SANTA CLARA (dpa-AFX) - Chipmaker Nvidia (NVDA) briefly surpassed tech giant Amazon (AMZN), on Monday, making it the fourth largest company in the U.S. in terms of market valuation.
The milestone was achieved when Nvidia's stock rose around 3 percent to over $740 per share, valuing the company at $1.83 trillion, whereas Amazon's market valuation was $1.80 trillion. However, the market capitalization of Nvidia stood at $1.78 trillion at the end of the trading session, inching below Amazon's valuation of $1.79 trillion and Alphabet Inc.'s (GOOG) valuation of $1.84 trillion.
The brief surpassing, fueled by the ongoing AI boom, made Nvidia the fourth most valuable U.S. company after Microsoft (MSFT) valued at $3.1 trillion, Apple (AAPL) valued at $2.9 trillion, and Saudi Aramco (2222) valued at $2 trillion.
The semiconductor chip manufacturer's stock has risen nearly 50 percent since the second half of 2023, owing to the increasing demand for its chips for artificial intelligence projects. So far, Nvidia's market value has increased by $600 billion in 2024.
Similarly, Amazon's shares are also performing well, as they jumped 8 percent last week due to the e-commerce giant's upbeat fourth-quarter earnings report.
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