Benzinga
  • 10 months ago
Nvidia's market capitalization briefly surpassed Amazon's on Monday, making it the fourth most valuable US company. However, Nvidia closed the day just below Amazon. This is the first time since 2002 that Nvidia's market cap has been greater than Amazon's for any period of time. Nvidia's stock price has risen nearly 250% in the last year due to strong demand for its graphics processing units used in artificial intelligence applications.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 NVIDIA's market cap briefly surpassed Amazon's on Monday,
00:06 making it the fourth most valuable U.S. company right before NVIDIA did close
00:10 below Amazon's market cap. This is the first time since 2002 that NVIDIA's market cap has
00:16 been greater than Amazon's for any period of time. NVIDIA's stock has been rising nearly
00:21 250% in the last year due to the strong demand for its graphic processing units
00:26 used in artificial intelligence applications. Analysts are more optimistic about NVIDIA's
00:31 growth prospects in 2024 compared to concerns earlier this year about a potential slowdown.
00:37 NVIDIA is gaining recognition for basically anything related to AI, the enterprise software,
00:43 and networking, which are contributing to the company's rising valuations.
00:46 For all things money, visit Benzinga.com.

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