Nvidia Overtakes Amazon in Market Value
- Stock briefly the 4th most valuable US company by market cap
- Shares have rallied 46% this year, leading big tech peers
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Nvidia Corp. briefly overtook Amazon.com Inc. in market value on Monday, the latest milestone in a stunning rally over the past year fueled by soaring demand for its chips used in artificial intelligence computing.
Nvidia rose almost 0.2%, closing with a market value of about $1.78 trillion. While Amazon fell 1.2%, it ended with a closing valuation of $1.79 trillion. The chipmaker did surpass the e-commerce and cloud-computing company during the regular session, temporarily making it the fourth most valuable US-listed company, sitting below Alphabet’s $1.84 trillion market capitalization. Microsoft Corp. weighs in at $3.09 trillion and Apple at $2.89 trillion.