Based

Artificial Intelligence

Apple

Giant

Based on the current outlook of the stock market, leading Artificial Intelligence (AI) firm NVIDIA Corp. has subtly <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-02-12/nvidia-overtakes-amazon-in-market-value-amid-scorching-rally">outranked</a> e-commerce company Amazon.com Inc.&nbsp;
<h2 id="strong-nvidia-hits-1-83t-in-market-capitalization-strong">NVIDIA Hits $1.83T in Market Capitalization</h2>
NVIDIA has hit a milestone with its recent 2.9% rise to a market value of about $1.83 trillion. With this value, the AI giant is now stretching over Amazon by 30 billion as the latter currently has a market value of $1.80 trillion. NVIDIA now ranks as the fourth most valuable United States-listed company.&nbsp;
Markedly, the company is superseded by&nbsp; Alphabet at a $1.85 trillion market capitalization, Microsoft Corp. at $3.11 trillion and Apple at $2.9 trillion. Saxo Bank’s&nbsp;Head of Equity Strategy Peter Garnry celebrated Amazon as one of the winners this season, citing that the firm is gradually improving. He believes that NVIDIA is only riding on the wave of the AI boom.
“Amazon was actually among the winners in the current earnings season as Amazon’s outlook is improving. Nvidia is just riding the first investment wave of the current AI boom with massive capital expenditures being deployed in data centers,” Garnry shared his opinion.
The Saxo Bank staff may not be far from the truth as AI has recently had a massive boost that has pushed the burgeoning ecosystem into profit. Precisely, NVIDIA has been delving into new regions, courtesy of its AI chip technology used in data centers for the completion of complex computing tasks required by AI applications.&nbsp;
<h2 id="strong-ripple-effect-of-the-ai-boom-strong">Ripple Effect of the AI Boom</h2>
About a month ago, Coingape reported that Chinese military entities, state-owned&nbsp;artificial intelligence&nbsp;research centers, and universities had <a href="https://coingape.com/nvidia-ai-chips-make-it-into-chinese-military-amid-us-ban/" rel="noopener noreferrer nofollow">purchased batches of Nvidia semiconductors</a>. Achievements like this have contributed to the more than 50% rise in NVIDIA shares and consequently the surge in market value.
The AI boom wave is also impacting other firms like Sam Altman’s OpenAI and even Microsoft. Days ago, <a href="https://coingape.com/openai-revenue-might-hit-the-2-billion-threshold-soon/" rel="noopener noreferrer nofollow">OpenAI’s revenue</a> reportedly surpassed $2 billion, a result hinged on the success of the company’s flagship AI product ChatGPT. The firm is already looking to double this figure by next year.
Similarly, Microsoft surpassed a $3 trillion valuation, <a href="https://coingape.com/ai-news-microsoft-reached-3t-valuation-on-back-of-ai-but-faces-ftc-probe/" rel="noopener noreferrer nofollow">fueled</a> by the company’s strategic focus on AI. The tech company joined the elite club as the second company after <a href="https://coingape.com/apple-accelerates-ai-ambitions-challenging-openai-chatgpt/" rel="noopener noreferrer nofollow">Apple</a> to ever hit this milestone.&nbsp;
These milestones are an indication that AI is revolutionizing the market with firms like Nvidia taking the lead
The post <a href="https://coingape.com/ai-giant-nvidia-outranks-amazon-as-4th-largest-us-company/" rel="noopener noreferrer nofollow">AI Giant NVIDIA Outranks Amazon as 4th Largest US Company</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

AI Giant NVIDIA Outranks Amazon as 4th Largest US Company

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