On Monday (Feb. 12), Nvidia — the AI chipmaker of choice for big tech and AI startups — sailed past Amazon in market value to become the fourth most valuable American company. The AI chipmaker was valued at $1.82 trillion, compared to $1.81 trillion for Amazon, according to LSEG data and cited by Reuters. The last time Nvidia was more valuable than the retail giant was in 2002 when both companies were smaller relatively, both just being worth under $6 billion.
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The boost in Nvidia’s stock performance highlights how AI enthusiasm is pushing up stock prices. The company’s chips power the AI systems behind the world’s ChatGPTs and Geminis.
And tech companies are buying up a lot of Nvidia’s costly chips—to the tune of billions of dollars. In the three months ending Oct. 29, the company’s revenue more than tripled from the same period in 2022. The Santa Clara, California-based company will release its quarterly results on Feb. 21.
Nvidia’s shares are up 46% so far this year.