NVIDIA's Stock Market Value Set To Top Amazon’s

Wall Street's enthusiasm about artificial intelligence has Nvidia on the verge of becoming more valuable than Amazon for the first time in two decades, and the AI chipmaker is not far behind Google-owner Alphabet, as reported by Noel Randewich for Reuters.

Nvidia's shares gained 1.8% to $694.48 after an optimistic report from Morgan Stanley. Nvidia reports quarterly results on February 21. I Photo: Amir Shtanger (אמיר שטנגר) Wikimedia Commons

A 40% surge in Nvidia so far in 2024 has elevated its market capitalization to $1.715 trillion as of mid-day trading on Wednesday, only about 3% below Amazon's $1.767 trillion value, and less than 6% below Alphabet's $1.812 trillion value, according to LSEG data.

Nvidia's shares gained 1.8% to $694.48 after an optimistic report from Morgan Stanley. Nvidia reports quarterly results on February 21.

Morgan Stanley raised its price target to $750 from $603, with analyst Joseph Moore writing in a client note that "AI demand continues to surge."

After Nvidia's stock more than tripled in 2023, it has already become the U.S. stock market's fifth most valuable company. Nvidia has been a top beneficiary of technology companies' race to build AI into their products and services, with Meta Platforms and other Big Tech companies buying billions of dollars worth of Nvidia's graphics processors.

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