Nvidia Temporarily Surpasses Amazon as Fourth Most Valuable US Company
According to recent financial analysis by Bloomberg, Nvidia Corp. momentarily took the fourth spot among US-listed companies by market value on December 12, 2023, with a closing worth of $1.78 trillion. Amazon briefly regained the position later in the day, closing at $1.79 trillion.
Nvidia’s Remarkable Growth
This milestone signifies Nvidia’s impressive growth over the past year, fueled by the rise of ‘artificial intelligence computing’. Jensen Huang, Nvidia’s founder and CEO, shared his thoughts on this achievement during an interview on the Acquired podcast in October 2023.
Jensen Huang’s Reflections
At that time, Nvidia was on the verge of reaching a $1 trillion market value, thanks to the surge in ai technology and PC gaming popularity. Huang looked back at Nvidia’s earlier struggles that almost led to its elimination from the market during the 2000s.
A Brief Reign over Amazon
Despite being surpassed by Amazon later in the day, Nvidia managed to outvalue the tech behemoth with its market capitalization for a short while. Amazon is known for its extensive presence in various tech sectors, including data, gaming, television, web hosting, and e-commerce.
Upcoming Earnings Report
With Nvidia being the last of the tech giants to report earnings, investors will be eagerly awaiting the financial updates set for release on February 21, 2024.
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