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Nvidia closes within a hair of Amazon’s market capitalization

Four years ago, Nvidia Corp. wasn’t even among the top 20 U.S. companies by market capitalization. It is now closing in on fourth place as it closes in on Amazon.com Inc.

In fact, Nvidia’s NVDA,
+0.16%
valuation eclipsed Amazon’s AMZN,
-1.21%
in intraday action Monday, although the chipmaker failed to end the session on top. Nvidia closed the trading day with a valuation of $1.785 trillion, according to Dow Jones Market Data, while Amazon finished with a valuation of $1.790 trillion.

At Monday’s highs, Nvidia’s intraday valuation peaked at $1.843 trillion.

Nvidia hasn’t completed a session worth more than Amazon since April 2002, when Nvidia was worth $5.73 billion and Amazon was worth $5.32 billion, according to Dow Jones Market Data.

The continued rise of the chipmaker – ranked seventh in terms of valuation a year ago – illustrates the company’s dominant position in the artificial intelligence hardware market and Wall Street’s growing confidence in the sustainability of its dynamic.

See also: Nvidia’s stock could rise to $800, estimates Goldman Sachs. This is his path.

A few months ago, Wall Street seemed a little more concerned about the continued strength of Nvidia, wondering whether the company would see a decline in 2025 if customers paused to “digest” inventory purchased during this period. current period of supply constraints.

However, right now, “more and more investors are convinced that next year will be a year of growth,” Melius Research analyst Ben Reitzes wrote in a note to clients Monday.

Nvidia stock – fresh off its fifth straight week of gains – edged up 0.2% on Monday. His recent momentum has not escaped Reitzes.

“Why does Nvidia seem to be growing every day so far this year?” Reitzes asked in a note to clients Monday. Then he offered a simple answer to his own question: “Things are still going well. »

Not only is there increased optimism about the next calendar year, but Nvidia is also gaining more respect for the more “nascent” parts of its business beyond its graphics processing units used for artificial intelligence applications . These include enterprise software and AI networking offerings.

Nvidia’s stock has gained nearly 250% over the past 12 months, while Amazon’s has gained nearly 80%.

See also: Jeff Bezos just sold $2 billion worth of Amazon stock. This doesn’t mean you should sell too.

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