Nvidia briefly surpassed Amazon.com Inc in market capitalization on Monday, as the euphoria around artificial intelligence catapulted the chipmaker to the fourth most valuable U.S. company.
At a record high of $734.96, Nvidia was worth $1.82 trillion in market value, compared to $1.81 trillion for retail giant Amazon.com and a few billions away from Google-owner Alphabet's $1.87 trillion, according to LSEG data.
The last time Nvidia was more valuable than Amazon was in 2002, when they were each worth under $6 billion.
Expectations have run high heading into the report with shares gaining 47% year-to-date, making it the biggest gainer among S&P 500 components.
The bet on strong AI demand has supercharged Nvidia shares, making it the best performing stock among the so-called "Magnificent Seven" with a 223% surge over the past 12 months.
Organizations:
Nvidia, Inc, Google, Microsoft, Apple
Locations:
U.S